An office investment with the immediate potential for a rental uplift in the redeveloped Smithfield area of Dublin 7 is fresh to the market this week through JLL.
Numbers 8-10 Coke Lane, on the market at €600,000, is a four-storey office building (top floor excluded from sale). It extends to 279.24sq m (3,006sq ft) with one parking space, while the quoting price would reflect a net initial yield of 5.6 per cent and a capital value of €200 per sq ft.
The building is part-let to Amadeus Marketing Ireland Ltd at a passing rent of €35,000 per annum. Its lease is due to expire in August 2016.
Amadeus occupies 195.98sq m (2,110sq ft) on the first and second floor along with the parking space. The ground floor of 83.26sq m (896sq ft) is vacant but has separate access.
Brian Shields of JLL says: "With the current lease due to expire in August 2016, the sale offers purchasers an excellent opportunity for an owner-occupier to obtain vacant possession or an investor an opportunity to significantly increase returns by re-gearing the existing lease as the current passing rent equates to just €15.40 per sq ft and €2,500 for the car space."
Coke Lane is at the southern tip of Smithfield square. The area has undergone redevelopment over the past 10 years, and also benefits from a Luas stop. O’Connell Street is a 15-minute walk away.
