A partially let office building at Northern Cross, close to the M50/M1 interchange at Northern Cross in Dublin 17, goes on sale today at a significant discount on its original value.
Leona Mullen of Savills is guiding €2 million for the three-storey building in City Junction Business Park which was developed in the early 2000s by Walls Construction and is now to be sold on the instructions of receiver Grant Thornton.
Grattan House is about 50 per cent let and produces a rent of €120,000 per annum. The agent said that with potential to push the rent above €200,000 with the letting of the vacant space, an investor could get a return of about 10 per cent after deducting standard purchasing costs.
The block extends to 2,136sq m (23,000sq ft) and features rectangular floor plates which provide bright and flexible accommodation. There is on-site parking for 43 cars.
About half of the space is let to Fresenius Medical Care (Ireland) which occupies the ground and part of the first floors on a 20-year, seven-month lease from 2005 at a passing rent of €120,000. The lease has just over 10 years to run. Fresenius is a major provider of products and services for patients with chronic kidney failure.
The vacant space is already fitted out to a high standard, according to Ms Mullen. She said Savills was expecting considerable interest in the sale which puts a capital value on the block of less than €90 per sq ft.