Col­liers se­cure €910k for Mill­bank House in Lu­can — NIY of 7.47pc

Sunday Independent (Ireland) - Property - - COMMERCIAL PROPERTY - Ron­ald Quin­lan

AGENTS Col­liers In­ter­na­tional has sold Mill­bank House, a mod­ern stand­alone of­fice build­ing in Lu­can, Co Dublin, for €910,000. The price rep­re­sents a con­sid­er­able pre­mium of €60,000 on the €850,000 Stephen Con­way of Col­liers had been seek­ing when he brought it to the mar­ket.

The sell­ing price of €910,000 will pro­vide the pur­chaser with a net ini­tial yield of 7.47pc af­ter al­low­ing for stan­dard pur­chaser’s costs.

The prop­erty at­tracted strong in­ter­est from a num­ber of do­mes­tic in­vestors. Com­ment­ing on the sale within the con­text of the wider in­vest­ment mar­ket, Con­way noted “par­tic­u­larly strong de­mand at present for in­vest­ment op­por­tu­ni­ties of this lot size”.

Mill­bank House com­prises a mod­ern, two-storey stand­alone of­fice build­ing within Mill­bank Busi­ness Park. The build­ing has a gross in­ter­nal area of ap­prox­i­mately 758.6 sq m (8,166 sq ft) with 16 des­ig­nated sur­face car park­ing spa­ces. The prop­erty is in ex­cel­lent con­di­tion hav­ing been fin­ished and main­tained to a high stan­dard, with a mod­ern fit which in­cludes air con­di­tion­ing and a lift.

The prop­erty is gen­er­at­ing a rent of €71,000 per an­num from two ten­an­cies.

The ground floor is leased to De-Jay Alarms Lim­ited by way of a 10-year lease with a com­mence­ment date to co­in­cide with the com­ple­tion of the sale. There will be a mu­tual break op­tion at the end of year five. The rent will be €41,000 per an­num.

The first floor is let to John P Burke & Co (trad­ing as the Jaguar Cap­i­tal Group Ltd) on a five-year lease from Oc­to­ber 2012 at a rent of €30,000 per an­num.

The prop­erty is on the Lower Lif­fey Road, just north of the River Lif­fey. The scheme is well-po­si­tioned just 300m from Lu­can town cen­tre and en­joys all the ameni­ties a busy satel­lite town has to of­fer.

The sub­ject prop­erty en­joys a high-pro­file po­si­tion at the en­trance to the Mill­bank cam­pus which is highly ac­ces­si­ble via the N4 and M4. Mill­bank Busi­ness Park is just 4km from junc­tion 4 of the M50 mo­tor­way. The scheme and nearby Lu­can town cen­tre are served by qual­ity bus routes, to and from the city cen­tre.

Mill­bank House sold for €60k above its €850k guide price

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