OfficeInvestments:A UK assurance company has paid over €21 million for a multi-tenanted office investment at Liffey Valley Office Campus in west Dublin.
Block B was sold by O'Callaghan Properties and Grosvenor Estates who are currently negotiating a master plan for the area to double the present shopping facilities and provide a range of housing, leisure and civic amenities. Joint agents Hamilton Osborne King and CBRE first put the office investment up for sale last April, advising a minimum value of €19.5 million.
The five-storey over basement block is fitted out to a high standard and has a gross internal area of 5,799sq m (62,420sq ft). There are 179 surface and basement car-parking spaces.
The building is producing €986,950 per annum but this figure is due to rise shortly to €1.25 million when the entire second floor is let to AMO Ireland which already occupies two other floors.
The other tenants include Texaco Ireland Ltd, CJ Fallon and Janssen-Cilag Ltd. When AMO take the additional space, the initial yield on the investment will rise from 4.17 per cent to 5.3 per cent.
DTZ Sherry FitzGerald acted for the purchaser.
