Dublin offices leased to Iconic for sale at €13.25m

A newly refurbished and extended office building at Lower Grand Canal Street, only 500 metres from Dublin’s Merrion Square, is expected to attract considerable Irish and overseas interest when it goes on sale from today through Knight Frank

The agency's Adrian Trueick is quoting €13.25 million for the investment, which will show a return of about 5.5 per cent.

The 1,858sq m (20,000sq ft) South Point block on Harmony Row was recently redeveloped and enlarged by an additional floor by boutique investment broker Lugus Capital.

The building has been leased to Iconic, one of Ireland's leading serviced office providers, under two 25-year leases at a rent of €790,870. This equates to €430 per sq m (€40 per sq ft) and €2,750 for each of the 11 car-parking spaces. The leases provide for reviews each fifth year, as well as a tenant break option in 2028.

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The four-storey over basement building adjoins the new Sharp Building and is located midway between the traditional Georgian core of St Stephen’s Green and the Silicon Docks area, with its growing number of international technology and financial occupiers.

In addition to upgrading the South Point block, Lugus Capital has introduced energy-efficient measures including heat recovery units, low energy LED lighting and green roof technology.

Mr Trueick says the investment provides secure income with a low base rent and was likely to appeal to both local and international investors.