A landmark office investment at 5 Northumberland Road in Dublin 4 is for sale at over €2 million through Knight Frank.
Should it sell at this level the purchaser can count on a net initial yield of 7.9 per cent after standard costs are taken into account.
The property is let to Carr Communications on a 15-year full repairing and insuring lease from September 15th, 2005. The current rent of €155,000 equates to around €2.18 per sq m (€23.50 per sq ft) and is subject to upwards-only rent reviews, the next of which is due in September 2015. Ross Fogarty of Knight Frank says the property offers a strong platform on which to drive rental growth.
No 5 was originally designed in 1899 as a parochial hall and retains this distinctive appearance. It was extensively refurbished in 2005 and provides modern office accommodation over two levels.
The building has a reception, library, recording studio, consultation rooms, boardroom, open-plan vaulted ceiling office accommodation and ancillary facilities to include toilets and kitchen. Large sash windows and roof-mounted Velux flood the space with natural light. Overall, there is 504.44sq m (5,430sq ft) of office space and 10 secure on-site car parking spaces.
No 5 is within one kilometre of Dublin city centre and is close to an abundance of amenities, shops, restaurants and Dublin’s leading hotels. It also has good transport links with the Dart at nearby Barrow Street and a QBC outside.
