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