Pre-let Dublin 2 build­ing on the mar­ket for €25.5m

Knight Frank han­dling 3,060 sq m prop­erty over five floors with rent roll of €1.4m Len­nox build­ing lo­cated at the cor­ner of South Rich­mond Street and Len­nox Street

The Irish Times - Business - - COMMERCIAL PROPERTY -

A pre-let Dublin 2 build­ing due for com­ple­tion in Jan­uary that will pro­duce a rent roll of about €1.383 mil­lion is on the mar­ket through Knight Frank for €25.5 mil­lion.

This price level would re­flect a net ini­tial yield of about 5 per cent.

The Len­nox build­ing, which is be­ing de­vel­oped by Paddy McKillen Jr and Derek McGrath, is at the cor­ner of South Rich­mond Street and Len­nox Street. It ex­tends to 3,060sq m (32,938sq ft) over five floors, has eight car park­ing spa­ces and 48 bi­cy­cle spa­ces.

Restau­rant use

The prop­erty fea­tures leisure and an­cil­lary restau­rant use at lower ground level, restau­rant use and an of­fice en­trance re­cep­tion lobby at ground level, and third gen­er­a­tion of­fice space (1,858sq m/20,000sq ft) at first, sec­ond and third floor lev­els. It is pre-let to Iconic Of­fices who will oc­cupy the of­fice and leisure space on a 25-year term, with break op­tions in years 12 and 18.

A rent of €565 per sq m (€52.50 per sq ft) has been agreed on the of­fice space, and €242 per sq m (€22.50 per sq ft) on the leisure area. The let­ting in­cludes the car park­ing at €3,000 per space.

The 556sq m (5,985sq ft) ground floor restau­rant and 141sq m (1,518sq ft) an­cil­lary ac­com­mo­da­tion at lower ground level is be­ing rented by Press Up En­ter­tain­ment Group at €240,000 per an­num on a 20-year lease, with a break op­tion in year 10.

Un­der con­struc­tion

This part of Por­to­bello is within walk­ing dis­tance of Har­court and Hatch Streets and min­utes from the Grand Canal. Across the road the Charlemont Square de­vel­op­ment with more than 20,000sq m (215,278sq ft)

The Len­nox build­ing is within walk­ing dis­tance of Har­court and Hatch Streets, and min­utes from the Grand Canal.

of of­fices and 263 res­i­den­tial units is un­der con­struc­tion.

The 0.35-acre site was ac­quired in 2017 after guid­ing €7 mil­lion. The ven­dor, Mar­let, paid just €3 mil­lion for it in 2015.

Ac­cord­ing to the agent, the in­vest­ment is al­ready at­tract­ing the in­ter­est of Euro­pean in­vest­ment funds.

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