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Northwood House, Northwood Campus, Santry

Dublin 9

For Sale
Guide Price: €10,750,000
Property Highlights
Modern suburban office investment comprising 24 of 27 office suites
Approx, 4,129 sq. m / 33,337 sq. ft GIA
115 surface and basement car parking spaces
Total passing rent f €882,112 p.a.
93% Occupancy
ERV of €950,000 p.a. upon leasing of 2 x vacant units
WAULT of circa 2.6 years
Guide price in excess of €10.75m
NIY of 7.46%
Capital value of €242 per sq. ft
Reversionary yield in excess of 8% through leasing and lease restructuring
Property Location

Northwood Campus is a mature parkland environment comprising over 220 acres, incorporating office, medical, residential, hospitality & retail accommodation alongside a 90-acre public park. Amenities include a number of hotels, restaurants, Ben Dunne health and fitness centre & Gulliver's Retail Park. The Campus is also home to the internationally renowned Santry Sports Surgery Clinic.

Northwood Campus is within easy access of a range of transport modes. The Campus is strategically situated between Dublin's central commercial hub and Dublin Airport, with immediate access to the country's primary motorway routes. The location is well served by a choice of public transport options and Northwood benefits from the Dublin Port Tunnel and the planned Metro North line, which are both on the doorstep of the campus. Existing corporate occupiers within the campus include Regus, Affidea, Greencore, Santry Sports Surgery Clinic and Europcar with IKEA and Decathlon located nearby.

Property Description

The subject property comprises a modern five storey over basement, third generation office building providing 24 no. office suites extending to 4,129 sq.m. (44,447 sq.ft.) GIA along with 115 no. surface and basement car parking spaces.

The property was constructed in 2009 and features a glazed façade, raised access flooring, zoned gasfired central heating, with kitchenettes and WC's to each suite. A number of units feature air conditioning as a tenant fitout. In addition, private glazed balconies are provided to each suite above ground floor.

The suites are situated around three separate cores, with suites ranging in size from 135 sq.m. (1,453 sq.ft.) and 251 sq.m. (2,702 sq.ft.) and can be interconnected horizontally to create larger units. The property is situated on a site extending to approximately 1 acre.

Lease Terms

There are multiple imminent rent reviews, break options and lease expiries. This provides a new purchaser with the opportunity to complete rent reviews, negotiate lease renewals or let vacant accommodation to increase the rent roll and WAULT of the asset. Northwood House thus offers a genuine asset management opportunity to achieve strong reversionary potential.

WAULT of 2.6 years. 

Full tenancy schedule available in Data Room. 

Property Size/Area
4,129 sq. m. (44,447 sq. ft.)
Property Status
For Sale
VAT
Please Refer to Agent
Energy Performance Indicator
BER certificates can be inspected in the Data Room kWh/m²/yr
BER Number
BER certificates can be inspected in Data Room
BER Grade
Location Map

53.401105, -6.258803

Documents

QRE Contact

Bryan Garry MRICS MSCSI
Director – Investment & Agency
Stephen Mellon MRICS MSCSI
Senior Surveyor
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