Two office buildings in Sandyford, Dublin 18, bought three years ago for €15 million are back on the market for more than €23.8 million after being upgraded and let to a range of tenants.
The mark-up underlines the sharp recovery now under way in the suburban office market following the huge success of the office letting programme in the inner city and the docklands in particular.
Joint agents Savills and QRE will offer the two blocks for sale in one or two lots on behalf of McGarrell Reilly Group, which spent about €15 million on acquiring them in difficult trading conditions during 2015.
If the blocks are to be sold separately, the agents plan to quote in excess of €12.3 million for Corrig Court beside Beacon South Quarter and €11.5 million for Silverstone House in Sandyford Business Park. At those valuations, Corrig Court would show net initial yield of 6.8 per cent and Silverstone House would reflect a marginally lower yield of 6.52 per cent.
Jack Fagan
10th October 2019