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Penthouse floor of modern Dublin 1 office block for €2.25m

written by QRE Admin  /  06 Mar 2019

The fully-let penthouse floor in a modern office block close to Connolly station in Dublin 1 is guiding more than €2.25 million. Bryan Garry of QRE Real Estate Advisers is handling the sale of the 610sq m (6,566sq ft) of space in Ulysses House on Foley Street. Based on the guide price and the rent roll of €185,708 per annum, the net initial yield is about 7.6 per cent.

The penthouse floor, which has the rare benefit of educational use, is let on a new 10-year lease that is subject to open market reviews every five years.

English language school British Study Centres is the tenant and its rent breaks back to about €301 per sq m (€28 per sq ft). Top rents in the nearby IFSC are about €565 per sq m (€52.50 per sq ft) but €28 per sq ft is still a good rent at this secondary location.

Justin Cumiskey - Irish Times

6th March 2019 - https://www.irishtimes.com/business/commercial-property/penthouse-floor-of-modern-dublin-1-office-block-for-2-25m-1.3813744