Refurbished offices in west Dublin for sale or rent
A newly refurbished modern office building, Block A Westland Business Park in Dublin 12, is being offered for sale or let.
xtending to 25,479sqft, the three-storey detached building stands on a 0.4-acre site with about 75 surface car spaces.
It also has the added benefit of a good profile onto the New Nangor Road in west Dublin and is only a two-minute drive from the M50/N7 intersection.
Russell Cleere from TWM is guiding €5m for the property and says that the price reflects an overall capital rate of €196 per square foot which “is below the current build cost for the real estate without factoring in the site value”.
Build costs for the equivalent are estimated to be in the region of €3,000-€3,250 per sqm, which equates to €7.1m-€7.7 million.
For potential tenant occupiers he is quoting a rent of €18 per sqft.
Mr Cleere commented that “with continued inflationary pressure on build costs and the negative deposit rates that businesses face, there could be an opportunity and value in buying their own building.
Strategically there is an opportunity to potentially add value by creating a sale and leaseback in the future. If an owner occupier provides strong covenant… they could achieve far in excess of what they pay for the vacant property today.”
The recent refurbishment includes: new Cat A specification throughout together with raised-access floors wired for power; suspended ceilings with LED lighting; new air-conditioning; new passenger lift from an impressive glazed reception lobby; fully upgraded WC/WHB; and steel and timber staircase.
It is being sold on behalf of a private Irish investor.
Last year the adjoining but smaller Westland House, also known as the Actavo building, was sold for €4.1m.
Extending over three storeys, that 23,336 sqft property is let to Actavo Group Ltd at €350,000 per annum and its price equated to a net initial yield of about 7.5pc.
It came with 58 on-site car-parking spaces.
This area of Dublin is also considered to have long-term development potential as Dublin City Council adopted a new Local Area Plan which aims to create a new urban identity for the Naas Road lands by regenerating existing developed lands as a sustainable mixed-use area.