Prime Office Investment For Sale Guiding €3.75 Million
Hanover Quay, Dublin 2
Dublin 10th October 2018 – CBRE are delighted to announce today they are bringing a prime office investment opportunity in the docklands to the market for sale by way of Private Treaty. This asset is superbly located in the heart of Dublin 2, fully let to MCA Architects producing an annual rent roll of €171,666. CBRE are understood to be quoting a price in the order of €3,750,000 for the property.
The property comprises a ground floor office extending to approx. 5,955 sq. ft. in total. The building which was fitted out to an excellent specification contains a boardroom/video conferencing room, meeting rooms, raised access flooring to part, air conditioning throughout, acoustic paneled ceilings with exposed services, shower facilities, and an outdoor terraced area. It has been laid out to provide for a mix of open plan and cellularised offices and provides excellent natural lighting throughout. Four car parking spaces are also provided.
The property occupies a prominent pitch in the heart of the South Docks, Dublin’s most attractive office location. There are a number of high profile developments currently under construction in the area including Capital Dock, The Reflector, 5 Hanover Quay and 76 Sir John Rogerson’s Quay. With the completion of all of these schemes expected in 2018 and 2019, the Grand Canal Dock area continues to improve and evolve as Dublin’s primary office destination. This attractive location benefits from being close to numerous amenities such as bars, restaurants & coffee shops. Notable occupiers in the vicinity include Matheson, Goldman Sachs, Guggenheim Partners and The Irish Tax Institute.
Transport links are second to none, with both Luas and DART within 10 minutes’ walking distance, Dublin Bike on the doorstep and multiple bus routes. In addition to this, the property is serviced by excellent road infrastructure with the Samuel Beckett Bridge providing access to the North Docks, IFSC and to Dublin Airport. A new public transport bridge is also planned connecting Grand Canal Dock with Ringsend and a new pedestrian bridge linking Sir john Rogerson’s Quay with North Wall Quay. There is also long-term potential for the DART Underground to service the location.
The property is let to MCA Architects who were founded in 1988 and have worked with a number of high profile clients such as Facebook, Twitter, Lidl, Hibernia REIT & Irish Life. The lease runs from 2015 and the current passing rent equates to less than €30 per sq ft so is likely to increase significantly when reviewed in 2020.
This property provides an investor the opportunity to acquire an office in a location which is experiencing exceptional growth at the moment. The strength of the location and the tenant will be appealing to domestic and international investors. The guide price breaks back to a very modest €630 per sq ft.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
CBRE U.C., (CBRE Ireland) registered in Ireland, no. 316570. PSRA Licence No. 001528 is the country’s largest commercial real estate services company with offices in Dublin and Cork. Currently employing over 135 employees, we work with occupiers, investors and developers of office, industrial and logistic, retail, hotel and healthcare property, providing strategic advice and execution for property sales and leasing; tenant representation, corporate services; property and project management; appraisal and valuation; development services; investment management and debt advisory; business rates and compulsory purchase and research and consulting. Please visit our website at www.cbre.ie