Sale Of Dolcain House, Monastery Road, Dublin 22
Dublin, 14 September 2016 – CBRE have just been instructed to sell a large Head Office building beside the Naas Road in Clondalkin. Dolcain House consist of 3 interlinked office blocks with a gross internal floor area of approximately 6,784 sq.m. (73,023 sq.ft.), the net lettable floor area is 5,301.6 sq.m. (57,066 sq.ft.).
The sale of ‘Dolcain House’ will be handled jointly by CBRE Development Land and Offices Departments.
Dolcain House consists of 3 interlinked office buildings with a large central atrium and reception area on a site of approximately 1.92 acres. The atrium is approximately 4,647 sq.ft. and facilitates lift access to all levels of blocks A & B and also provides the main toilet cores to these blocks. Block C is currently accessed via Block A but there is potential to create a separate entrance and reception area to this block from the rear of the property.
Blocks A & C come with the benefit of vacant possession and are fitted to a high specification to include raised access floors, suspended ceilings, passenger lifts and a large staff canteen.
There are 211 car parking spaces available with the offices, 78 of these are located in a basement car park. We understand the current office tenant uses 49 car spaces under their short term Lease.
The land that the office buildings are located on is zoned Objective A in the South Dublin County Council Development Plan 2010 – 2016. The purpose of this zoning is to protect and/or improve residential amenity.
We understand that planning permission was granted in 2014 for the construction of an additional 2,777 sq.ft. of office space at 5th floor level of Block C (SDCC planning Reg Ref SD08A/0616).
Dolcain House is ideally located approximately 8 kilometres southwest of Dublin City Centre and has excellent access to the N7/ M50. Junction 9 and the Luas (Red Cow) Red Line stop is within a short walking distance to the office. Clondalkin Village is also a short distance from the property and provides the Mill Shopping Centre and a host of cafes, shops restaurants and bars.
CBRE are quoting a sales price in the region of €5 million for Dolcain House and the 1.92 acre site.
The tenant in Block B has a passing a rent of €100,750 p.a. and holds a five year Lease from 17th February 2014. There is also an additional rent of €77,300 being paid for aerials/masts on the roof.
A purchaser could look to purchase Dolcain House with the benefit of the current short term rental income and occupy the balance of the office space (50,156 sq.ft. gross internal floor area).
Alternatively, they could look to occupy the entire property as a company headquarters.
"Dolcain House may be able to accommodate a company Head office that may be looking to expand and move out to the west suburbs and benefit from 211 car parking spaces with excellent access to the Naas Road, M50. Dolcain House benefits from short term rental income and is also located within 10 minutes walking distance from the Luas and Clondalkin Village".
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), 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 2016 revenue). The company has more than 75,000 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.
In Ireland, with offices in Dublin and Belfast, CBRE is the country’s largest commercial real estate services company, now employing over 165 employees and offering a full range of property services including property sales and acquisitions, leasing and management, investment, corporate services, debt advisory, project management, consultancy, business rates and compulsory purchase, valuations and research. Please visit our website at www.cbre.ie or www.cbre.ie/ni.