€1.6m for fully-let four-storey IFSC block

Offices are producing rent roll of €117, 285 per year

1 Exchange Place at the IFSC:   344sq m  of modern, fully let offices
1 Exchange Place at the IFSC: 344sq m of modern, fully let offices

With the investment market for smaller lot sizes humming at the moment, agent Knight Frank should have no difficulty in finding a buyer for a modern, fully let office investment in Dublin's International Financial Services Centre.

Adrian Truick of the agency is quoting €1.6 million for 1 Exchange Place, a four-storey office building with an overall floor area of 344sq m (3,710sq ft) and three car-parking spaces.

It is let to four tenants, including HSG Zander, Porche Financial Management Services and Lufthansa at an overall rent of €117, 285 per annum. While the average unexpired lease terms works out at 6.5 years, the leases to HSG Zander (with a rent of €41,000) and Porsche (€39,285) have unexpired terms of 8.45 years.

The end-of-terrace office building forms part of Exchange Place, where there are 10 units.

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It is located in the heart of the IFSC, adjoining the CHQ retail mall and the IFSC multi-storey car park. It also adjoins the George’s Dock Luas stop.

The high-spec finish includes suspended ceilings, perimeter trunking and category five cabling. Each floor has toilets and a kitchenette.

At a €1.6 million selling price, the investment will show a return of 7.25 per cent.

Jack Fagan

Jack Fagan

Jack Fagan is the former commercial-property editor of The Irish Times