With DMOD Architects having relocated recently to the Capel Building on the city’s north side, a private Irish investor has stepped in to acquire the firm’s former offices on New Street South, Dublin 8, for €2.25 million.
Agent QRE Real Estate Advisers completed the sale of the second and third floors at 35 Cathedral Court after letting them to two new tenants on 10-year leases with term-certain income of about five years. Currie and Brown have taken occupation of the second floor while Cuckoo Events is now operating from the third-floor space.
DMOD Architects made the decision to relocate its operations to the Capel Building after conducting an analysis of its employees’ home addresses and their use of private and public transport. Since moving to its new office, the reliance of DMOD’s staff on cars for travel to work has dropped by 90 per cent.
Developed by O’Callaghan Properties in 2007, Cathedral Court comprises a mixed-use residential and commercial scheme. The building has undergone extensive refurbishment works over recent years, with heating system upgrades, common area improvements and fire prevention upgrades all carried out.
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Each floor at the property extends to about 248sq m (2,670sq ft), with the subject investment totalling 496sq m (5,340sq ft). The second and third floor accommodation is well-proportioned and fitted to a high standard with a large reception and waiting area, cellular glazed meeting rooms, open-plan office accommodation, kitchen facilities and an air-conditioned comms room.
There are bathroom facilities on each floor including access-enabled facilities. A lift serves all floors of the building including the basement car park, of which five car parking spaces were included in the sale. Also included was a basement storage area extending to 25sq m (270sq ft).
Harry Byrne of QRE said the sale of the investment had seen interest from several parties, all of whom were attracted by the combination of new leases to strong tenants and minimal asset management, along with a solid return.
The price paid for the investment equates to a net initial yield of approximately 7.5 per cent and represents a capital value of around €422 per sq ft.
