Agents Colliers International have secured €4.3 million for a modern office building, VistaTECHouse, at South Circular Road, Dublin 8, which will give the new owner an annual return of 9.76 per cent and a capital value of €2.368 per sq m (€220 per sq ft).
The three-storey building extends to 1,811 sq m (19,500 sq ft) and is producing a rent roll of €437,225.
Michelle McGarry of Colliers says the purchaser has the opportunity to increase the rent roll by another €31,000 by letting a vacant suite on the ground floor.
The building is primarily occupied by VistaTEC who occupy the first and second floors on a 25-year lease which expires at the end of 2025. Its €300,000 a year rent equates to €236 per sq m (€22 per sq ft) and €1,500 for car parking spaces.
Beamish & Crawford occupy part of the ground floor on a nine years and nine months lease which has two years to run at a passing rent of €137,225.
The building is located within 500 metres of St James’s Hospital.
