Turley Property Advisors are delighted to bring two high profile Dublin City Centre office blocks extending to a net internal area of 3,298 sq. m. (35,499 sq.ft.) to the market, Blocks C and D Parkgate Business Centre, Dublin 8. The properties are for sale by private treaty.
This is a rare opportunity for investors to acquire a two modern third generation office blocks with reversionary potential,fully let to strong Government convents, The Health Service Executive (HSE) and the Transport Infrastructure Ireland (TII).The total rental income is 1,109,200 per annum with a WAULT of 8.73 years to lease expiry.
- Two 3rd generation office blocks extending to a net internal area of 3,298 sq. m. (35,499 sq. ft.) over four floors with 38 car spaces.
- Centrally located opposite the landmark Criminal Courts building, Phoenix Parkand adjacent to Hueston Rail Station and the Red Line LUAS.
- Within 3 km of Dublin City Centre, 3.5 km of International Financial Services Centre and 4.5 km of Dublin\'s Central Business District.
- Future development of St. James Gate will further enhance Dublin 8 as an office destination.
- Block C and D are fully let to two excellent tenant covenants, Transport Infrastructure Ireland (TII) and the Health Service Executive (HSE)on Full Repairing and Insuring leases with no breaks.
- Passing rent of 1,109,200 per annum.
- Reversionary rent potential of 1,346,965 per annum at next review (2021).
The properties are located within Parkgate Business Centre, an established business park close to Heuston Railway station opposite to the entrance of the Phoenix Park, Europe\'s largest enclosed city park extends to 707 hectares (1,747 acres), and the Criminal Courts Complex. Nearby commercial occupiers include Eircom, AOL and the Aisling Hotel.
Parkgate Business Centre is located approximately 3 kilometres west of Dublin City Centre which forms part of an established mix use complex, comprising four modern office buildings and several modern apartment blocks and abasement car park located to the rear of the site overlooking the River Liffey.
The immediate area benefits from excellent public infrastructure and public transport links. Hueston Station, one of Ireland\'s busiest rail stations is located 300 metres south of Parkgate Business Complex.
The nearby LUAS station also at Heuston station,now provides access to both Red and Green line services, via the cross city,connecting Tallaght with the Point station via the IFSC,to Brides Glen via established business parks and residential suburbs of Sandyford, Leopardstown and Central Park.
The surrounding area is set to benefit from a major rejuvenation project by Diageo of its 5.09 Hectare (12.6 acre) St. James Gate site located approximately 1 km south of the subject property which will further enhance Dublin 8 as an office destination.
Block C comprises a third generation office building extending to approximately 1,469 sq. m. (15,817 sq. ft.) over four floors built in 1996. Floors are laid out in a mixture of open plan and cellular office accommodation.
There are 17 secure car parking spaces providing a well proportioned parking ratio of 1:86 per sq. m.(925 sq. ft.).Block C is fully let to Transport Infrastructure Ireland (TII) at rent of 494,220 per annum with 10.32 years to lease expiry.
The next rent review is in October 2021 with potential for reversionary rent increase to 600,345 per annum (Office accommodation of 35 per sq. ft. and 1,750 per space).
Block D comprises a third generation office building extending to approximately 1,829 sq. m. (19,682 sq. ft.) over floor fours. Internally the floor plates are L-shaped providing flexible accommodation capable of subdivision suitable for cellular or open plan layout. The third floor accommodates a large roof terrace set back from the building. There are 19 car parking spaces that reflect a parking ratio of 1:96 per sq. m.(1,036sq. ft.).Block D is fully let to the Health Service Executive at a rent of 615,000 per annum with 7.47 years to lease expiry.
The next rent review is in December 2021 with potential for reversionary rent increase to 746,620per annum (35 per sq. ft. and 1,750 per space).
Both office blocks are fitted with a good specification comprising;
- Suspended ceilings,
- Air conditioning and
- Amixture of open plan and cellular office accommodation.
- Block C is fitted with a 10 passenger lift.
- Block D isfitted with a 10 passenger lift.
T: +353 1 479 1500