McDowell Purcell to sell and leaseback offices in Dublin 7

One of Dublin's top 20 law firms, McDowell Purcell Solicitors, is to embark on a sale and leaseback of its offices at the Capel Building at St Mary's Abbey in Dublin 7.

Ross Fogarty of agent Knight Frank is seeking in excess of €3.1 million for the fourth-floor offices, which extend to 526sq m (5,662sq ft) and will provide a net return of about 7 per cent after standard acquisition costs of 8.46 per cent are deducted. The agreed annual rent of €235,000 will equate to €392 per sq m (€37/sq ft) once a rental value of €2,500 is attributed to each of the 10 secure basement car spaces.

Fully let

The office unit is being delivered fully let on a new eight-year lease to McDowell Purcell, a progressive corporate law firm with specialists across all legal disciplines. The firm was founded 120 years ago and employs more than 140 people, including 50 lawyers.

The Capel Building, which dates from 2003/04, has five storeys of offices over ground-floor retail unit with basement-level car parking. There is an attractive ground-floor reception area and atrium.

Offices above Connolly Station guiding at least €18.5m

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The building is located in the heart of Dublin's legal quarter close to the Four Courts and the Bar Council Library. It is within a three-minute walk of Henry Street.