Nama-owned office blocks in Deansgrange on sale for €12.75m

The variety of investment properties going for sale in Dublin continues to grow. The latest suburban office investment to hit the market, two interconnecting blocks at Deansgrange Business Park in Deansgrange, are expected to be of interest to both Irish and overseas investors when they are offered for sale on behalf of Nama.

Duncan Lyster, of Lisney, is seeking in the region of €12.75 million for the buildings, which are producing a rent roll of €1.075 million and will show a net initial return of 8 per cent. The price being sought for the investment reflects a capital valuation of only €1,952 per sq m (€182 per sq ft). The 2000 development was one of many carried out by a company headed by Paddy Kelly and John McCabe.

Retail use

The five-storey blocks at the entrance to the business park have a combined gross internal area of 6,492sq m (69,880sq ft), including retail use on the ground floor and two levels of basement parking. About 96 per cent of the overall accommodation is in use, and letting terms have been agreed for the remaining space.

About 80 per cent of the overall space is rented by three international companies: drugs firm Baxter, the medical nutrition firm Nutricia, and the Danone food company. There is a weighted-average unexpired lease term on the two blocks of more than three years.