€14.2m for two office investments near Luas in Sandyford

CBRE is guiding a combined €14.2 million for two office investments near the Luas in Sandyford, Dublin 18. This would reflect a net initial yield of 7.19 per cent.

Ravenscourt, a standalone scheme over five blocks on Blackthorn Road, is priced at €11 million, which equates to a net initial yield of 6.58 per cent.

It extends to 5,781sq m (62,226sq ft) and has 119 basement car-parking spaces. at basement level.

Ravenscourt is 90 per cent occupied and is producing a rent roll of €755,927 while the average unexpired lease term is almost five years. The rent roll could be increased if the vacant Block E, which is in turn-key condition, was let. Tenants including Chill Insurance, Innopharma and Brambles.

Block C, D and E at Ravenscourt are three-storey L-shaped buildings which provides “flexibility for occupier requirements”, according to the agents. Block A, leased to Brambles, is a two-storey detached restaurant of 235sq m (2,530sq ft) and is fitted out to a high standard.

Meanwhile, Mercury House on Ravens Rock Road is guiding €3.2 million which would provide a net initial yield of 9.3 per cent.

It is a detached office and storage building with 2,742sq m (29,520sq ft) and 52 surface car-parking spaces.

The property is let in its entirety to Mercury Engineering on a 20-year lease from 2005 at €310,733.