Two private investors have acquired two 22-year-old office buildings on opposite sides of Arena Road in Sandyford, Co Dublin, for €12.25 million. Arena House and Trigon House, with a combined floor areas of 6,038 sq m (65,000sq ft) are producing a rent roll of €954,000, which will give the new owners a return of 7.48 per cent. The two blocks are fully let to tenants CPL, Mainstream Renewable, Roughan O’Donovan and the serviced office provider Emile Investments.
Aidan Scully of Investi,who acted for the purchasers, said they hoped to substantially improve on the yield within 12 months subject to regearing of leases and taking into account that the average rents were less than €15 per square foott and included car parking.
Tenant sought for Citywest offices
Colliers International launched a marketing campaign to find a tenant for a fully fitted contemporary office space at Citywest Business Campus in Dublin 24.
The agency is quoting a rent of €322 per square metre (€30 per square foot) for 1,375sq m (14,800sq ft) at 3046-3050 Lake Drive, which is centrally located within the park and is within easy access of the M50, the Luas Red Line and multiple Dublin Bus routes. The available space is fully fitted to a high standard with breakout ares, meeting and boardrooms, wall graphics, large kitchen area and showers. There are 55 car parking spaces at €750 per space.
John Shannon of Colliers said the fully fitted and furnished “plug and play”solution was available on a sublease with minimal fit-out costs.
Pembroke Road offices make €1.4m
A Georgian office investment at 38 Pembroke Road in Dublin 4 has been bought by a private investor for €1.4 million, just €100,000 over the guide price.
The mixed-use three-storey house has a one-bedroom apartment on the lower ground floor and three floors of offices let to Seniors Money Ireland Ltd at a rent of €64,750 per annum. The apartment is producing €18,000 per annum, bringing the rent roll to €82,750.
Philip Lennon of Lambert Smith Hampton, who handled the sale, said the level of interest and the competitive bidding for the house underlined the shortage of such investments in the city.
Digital Realty data company relocates to Blanchardstown
Digital Realty, a global data centre provider, has relocated from Blanchardstown Corporate Park to Stratus House at College Business & Technology Park in Blanchardstown, Dublin 15. Digital Realty agreed a rent of €177 per square metre (€16.50 per square foot) for 668sq m (7,187sq ft) on the first floor.
Patrick Kiersey of Cushman & Wakefield, who acted for the landlord, Clyde Real Estate, said he has noticed an increased interest in facilities in south and west Dublin.
Euro Giant building in Clonmel goes on sale
Clonmel agent PF Quirke & Co and the Munster Property Auction are guiding €700,000 for the Euro Giant-occupied building at O’Connell Street in Clonmel, Co Tipperary, which will be sold at auction on November 30th. The two-storey building is let at a rent of €70,000, reflecting an initial yield of 10 per cent. The letting is due to run until 2029. The building was upgraded in 2006 and is close to Penneys, Heatons, River Island and New Look.
Blanch building
Industrial agent William Harvey & Co is quoting a rent of €230,000 for a detached refrigerated warehouse facility with ancillary offices at Blanchardstown Corporate Park. The building has a gross floor area of 2,323sq m (25,004sq ft) with a large secure yard.
