Sandyford offices for sale at €6.5m

A multi-let office building in Sandyford, Dublin 18, going for sale today at a guide price of more than €6.5 million will give new owners a return of 6.71 per cent.

DTZ Sherry FitzGerald is expecting considerable interest in Heather House which it is selling on behalf of Stephen Tennant, receiver for Grant Thornton.

The four-storey over basement building is currently producing a rent roll of €456,145 from eight tenants. The façade is part stone and part glazed with glazing on all sides ensuring excellent natural light on the various floors which extend to 3,599sq m (38,740sq ft). The guide price equates to a gross capital value of just more than €167 per sq ft. There are 68 car-parking spaces at basement level and 11 in the grounds of the building.

Jane Dolan of DTZ said the third-generation building had significant reversionary potential with the current average rent working out at €14.70 per sq ft.

The sale coincides with an ongoing recovery in the south Dublin office market largely because of the fact that few, if any, new developments have been completed in the past five years.

Occupiers of Heather House include Kelfast Ltd, Bibby Financial Services, Linedata Ltd, Threefold Project Management, SHR Consulting, Capstone Intelligent Solutions, 247 Meeting (Ireland) and 11AP.