Melford Property Consultants is quoting €2.5 million for a recently refurbished two-storey headquarters office building at Sandyford Business Centre, which will show a return of 7 per cent.
The unit on Burton Hall Road in Dublin 18 extends to more than 751sq m (8,086sq ft) and features a mixture of glazed cellular and open-plan office space. It has a double-height reception as well as a canteen and toilet facilities.
An agreement for lease is in place with CareWorks from the second quarter of this year for a new 20-year lease at €183,000 per annum, with a tenant break option in years 10 and 15.
Melford is also launching to the market a high-profile third-generation office investment at Apex Business Centre in Sandyford. The ground-floor suite extends to 329sq m (3,546sq ft) and is let on a five-year lease that expires in July 2020. The unit is significantly under-rented at €52,500. There is potential to increase the rent in 2020 to €98,000
Melford is seeking in excess of €850,000 for the unit, which has a net initial yield of just under 6 per cent and the potential to increases to over 11 per cent at reversion in 2020.
