Three office suite investments at The Mall in Beacon Court, Sandyford, Dublin 18, are expected to have a broad appeal when they go on sale from today for €3.1 million, which will show a net initial yield of 8.32 per cent. Colliers International and Turley Property Advisors are handling the sale.
End-of-terrace suites 13,14 and 15 are located at the southern end of the enclosed glazed mall, which is a unique feature of the development. The buildings, interconnecting at each floor level, provide a gross internal floor area of 981.50sq m (10,569sq ft) over three floors, together with 15 basement car-parking spaces.
Beacon Hospital holds a 20-year lease from 2016 at a passing rent of €269,400 up to February 2021. There is a fixed uplift to €280,000 from 2021 to 2026, at which point the rent reverts to market rent.
The lease allows for a break option in year 12, in February 2028. Accordingly, there is an unexpired term of just under 10 years to the break option.
The tenants have carried out an impressive fit-out comprising a mix of open-plan and cellular offices with full modern specification. An eight-person lift services all floors. The property also comes with a private patio/breakout area to the rear.
Beacon Hospital Sandyford provides administration services for the Beacon Hospital, including finance, HR and accounts. It also provides academy training facilities as well as programmes for UCD and Beacon Hospital.
The selling agents are guiding €3.1 million, which equates to a net initial yield of 8 per cent, rising to 8.32 per cent in 2021, and a capital value of €293 per sq ft.