It is seldom enough that the property market throws up a particularly noteworthy modern office building for sale in the Dublin suburbs. Agents CBRE will be happy to prove the exception this week when it offers for sale two stunning blocks at Grove Court in Blanchardstown, Dublin 15.
Colm Luddy and Emma Courtney are seeking some €12 million for blocks three and four which have an overall floor area of 6,335sq m (68,200sq ft) including full-height reception areas. They are located opposite Blanchardstown Town Centre and Fingal County Council's offices.
Designed by Scott Tallon Walker and built in 2007 by Bernard McNamara, the buildings have a full range of third-generation specifications, including raised access floors and air conditioning.
They are currently producing a rental income of €979,200 with an average of 13 years to run on the various leases.
Crucially, 98 per cent of the rental income comes from the State agencies including the Office of Public Works, Blanchardstown District Court and the HSE which operates a primary care centre there. Other tenants include medical practitioners.
If the €12 million valuation proves accurate it will work out at €1,894 per sq m (€178 per ft) and will show a return of 7.8 per cent. The overall return can also be stepped up by leasing vacant space and car parking facilities.