Sandyford office block sells for €13.65m after year on market

Ballymoss House likely to be refurbished and to have rent roll of €1.6m

 

A partially vacant modern office block at Sandyford, Co Dublin, has been sold a year after going on the market. U+I and Colony Capital have paid €13.65 million for Ballymoss House, at the junction of Ballymoss and Carmanhall Road, which was built by David Arnold in 2000.

Marguerite Boyle of Savills handled the sale of the four-storey-over-basement building which is expected to be refurbished by the new owners. It has an overall floor area of 6,038sq m (65,000sq ft) and 164 car parking spaces at basement level.

The ground floor is let to BMC Software on a 25-year-lease from July 2000, with five-yearly upwards-only rent reviews. The passing rent of €389,666 includes fees for 39 car parking spaces and works out at €236 per sq m (€22 per sq ft). Even at that relatively low rent, the entire building, including the car parking spaces, can be expected to bring in a rent roll of around €1.6 million when fully let.

Its location just three minutes’ walk from Stillorgan Luas Station is likely to have broad appeal. Other attractive features include a full-height reception area, an attractive central courtyard and a standard modern fit-out.