IPUT places €37.5m price tag on Dublin office block
A government-let office block in Dublin has gone on the market with a €37.5m (£33.3m) price tag, reflecting a sub-6% yield.
The premises at 73-83 Lower Mount Street – a prime Dublin CBD location – are fully let to the Office of Public Works but also offer a redevelopment opportunity.
Irish property company IPUT has appointed Savills Ireland to handle the sale.
A government-let office block in Dublin has gone on the market with a €37.5m (£33.3m) price tag, reflecting a sub-6% yield.
The premises at 73-83 Lower Mount Street – a prime Dublin CBD location – are fully let to the Office of Public Works but also offer a redevelopment opportunity.
Irish property company IPUT has appointed Savills Ireland to handle the sale.
The lease on the 60,207 sq ft block, which comprises Timberlay House and Ballaugh House, has more than five years left before a break clause and 8.5 years to expiry. The €37.5m guide price reflects a net initial yield of 5.75% and a value of €633 per sq ft.
Planning has been granted for demolition and redevelopment of the site as a five-storey over-basement office building of 117,177 sq ft. The development would include external terraces on the fifth floor, 90 cycle spaces and 20 car parking spaces at basement level.
Darragh Doyle, senior surveyor at Savills Ireland, said: “The sale of 73-83 Lower Mount Street represents an excellent opportunity to acquire a high-quality office investment, with the option for redevelopment.
“The property is excellently located on Lower Mount Street, a short walk from St Stephen’s Green and Grafton Street, and benefits from good transport links. The current tenant provides a high degree of stability and income certainty for potential purchasers, which should drive significant demand for this asset.”
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Photo © Savills
