Dessie Kilkenny of the agency is guiding in excess of €10.8 million for the overall investment, which produces a rental income of €673,210 and will show a net return of 5.75 per cent.
The two office units extend to 1,278sq m (13,767sq ft) over the ground and first floors, with ancillary basement storage and six car-parking spaces.
The offices were constructed in 2006 by John Sisk & Son as part of a wider mixed-use scheme in the Grand Canal Dock area commissioned by the Dublin Docklands Development Authority as part of the Docklands regeneration. The courtyard garden that serves as the centrepiece of the development was designed by gardener Diarmuid Gavin and originally featured as a concept garden at the Chelsea Flower Show in 2005.
The biggest office unit is occupied by Ancestry.com, the largest genealogy company in the world, on a 10-year lease from 2012, with the 2017 rent reviews agreed at a rent of €595,000 per annum. This works out at about €565 per sq m (€52.50/sq ft).
A short-term lease was agreed in February 2015 with DAQRI International for the smaller own-door unit, which extends to more than 171sq m (1,850sq ft) at an annual rent of €81,500 per annum. This office suite was subsequently sublet and a profit rent agreed in mid-2017 to Ocorian, an independent provider of corporate services, for €104,000. The head lease expires in early 2020, which may provide an opportunity to owner-occupiers to acquire a prestigious office address in the short term.
Mr Kilkenny described Sir John Rogerson’s Quay as “the most sought-after office location in the city”. Given the attractive lot size and rarity of this type of prime investment product, he said he expects considerable interest from a variety of investors.
Source: The Irish Times, 2018