South docklands office building on market for €28m

77 Sir John Rogerson’s Quay six-storey Block C’s floor space set to draw interest

 

A middle-sized office building at 77 Sir John Rogerson’s Quay in the south Dublin docklands is to be offered for sale at €28 million.

David O’Malley of Savills is handling the sale of Block C, a six-storey, glazed structure, over-basement car park, which has been used as serviced offices by Fitzwilliam Properties since 2006.

The building extends to 3,197sq m (34,413sq ft). With a much sought-after floor template extending to 540sq m (4,812sq ft), it is expected to be of interest to companies already based in the south docks and others with ambitions to move there.

Irish and overseas investment funds are also expected to look closely at the block, particularly the central core, which facilitates the flexible floor plates.

The provision of 20 car parking spaces at basement level will be seen as another strong selling point.

A considerable number of big- name foreign direct investment companies, including Linked In, PTC Bio, Indeed, Zendesk and Future Finance, got their first taste of the south docklands through short-term rental arrangements in Block C.

The area around the building has become one of the most vibrant commercial hubs in the entire docklands, with the local line-up ranging from Accenture to Airbnb, BOI, Facebook, Google, State Street, TripAdvisor, Matheson, LogMein and BNY Mellon.

The ground floor includes a bright and spacious reception area along with meeting rooms. The recessed entrance is accessed off Bensen Street.

Refurbished floor

In preparation for the sale, the owners had the fifth floor refurbished to underline the true potential of the block.

The changes included the installation of micro-perforated metal ceiling tiles, LED lighting and carpeted, raised access floors.

The refurbishment was carried out at a relatively low cost and with prompt delivery requiring no new fire or disability arrangements.

David O’Malley said the sale came at a time when the vacancy rates for office accommodation in the south docklands was at an all-time low of 1.8 per cent – 0.36 per cent for Grade A stock.

The majority of office buildings under construction in Dublin 2 were designed with large floor plates and are targeted at larger companies, he said.

Block C is located within 10 minutes’ walk of Luas and Dart services and is close to the Bord Gáis Energy Theatre and the 3 Arena.