A WHOLE RANGE of completed office suites at Northwood in Santry, Dublin 9, are to be offered for sale on the instructions of Simon Coyle of Mazars who is acting as receiver to Bill Kilmurray’s Deerbay Properties Ltd. The Northbrook development was first launched about a decade ago.
Joint agents HT Meagher O’Reilly and Savills are planning to sell or lease office space in three blocks on the campus which is strategically located between the city and Dublin Airport. The occupiers include Greencore, Kerry Group, ESB Electric Ireland, Shell Aviation, BMW, Regus and United Biscuits. The park also has a Crowne Plaza Hotel, Northwood Leisure Centre and the Cosgrave-owned Gullivers Retail Park.
Self-contained office suites going for sale range in size from 136sq m (1,464sq ft) up to 929sq m (10,000sq ft) for an entire floor.
Selling prices work out at around €1,471 per sq m (€136 per sq ft), putting a value of €200,000 on the smallest office suite before VAT and stamp duty are taken into account.
The 17 office suites currently for sale are located in Northbrook House, a five-storey building with a total floor area of 4,645sq m (50,000sq ft).
A further 10 units have been let to various companies and if purchasers do not emerge for the remaining accommodation it will be offered for letting on flexible terms of around €177.61 per sq m (€16.50 per sq ft) and €650 for car-parking spaces.
The joint agents are also to look for a buyer for the stand-alone Northwood House. They are also looking for buyers for six suites on the top floor of Northwood Court F1.
Prices are broadly similar to those in the adjoining block. Also for sale are seven investment lots covering individual office suites in Northwood Court Block F2.
The agents contend that their newly adopted pricing strategy, coupled with the recent reductions in stamp duty from 6 to 2 per cent and the waiver on capital gains tax for properties held for seven years, would provide an attractive proposition for owner-occupiers and investors alike.
