QRE Real Estate Advisers are quoting a price of €1,050,000 for an office investment in Q House at Sandyford in south Dublin.
Located on the second floor of the Furze Road scheme, Suite 206 extends to 251sq m (2,700sq ft) together with six car parking spaces. The property offers commanding views over Dublin Bay and benefits from a high-specification fit-out.
The subject unit is let to Olas Software and Training Development Limited on an effective FRI (full repairing and insuring) lease until December 2023. The contracted rent of €82,000 per annum equates to around €27 per sq ft and €1,500 per car space, suggesting the potential for significant reversionary potential at lease expiry. The guide price reflects an attractive net initial yield of 7.10 per cent and a capital value of €389 per sq ft (including parking).
Completed in 2008, Q House is an award-winning development of own-door office suites within the Sandyford Business District (SBD), a location widely acknowledged as south Dublin’s foremost business location.
The subject property is surrounded by numerous amenities including Dunnes Stores, the Beacon South Quarter shopping centre, Insomnia, O'Brien's, the Beacon Hotel and the Clayton Hotel. Both the M50 motorway and N11 are easily accessible by car, while the Luas green line stop at Stillorgan is located within a few minutes' walk of Q House.
Bryan Garry of QRE expects to see strong interest in the property due to the attractive yield, strong covenant and well-established office location. Given the ongoing uncertainty with financial markets and near-zero interest rates, the sale of the unit should also appeal to pension investors.
The selling agent also believes the property may suit an intending owner occupier who wishes to secure immediate income prior to taking occupation.