AFTER A LONG period of uncertainty, the Dublin investment market has swung into action with a range of options available to cash-rich investors.
GVA Donal Ó Buachalla is moving ahead with the sale of a two- and three-storey office building rented by BT Ltd at Dundrum Business Park, Dublin, where the same company also rents three other blocks.
The owner of block C – a private investor – is seeking €6 million for the property, which is producing an annual rent of €718,699 and a further €18,000 from an antenna on the roof.
The investment, which will show a return of 11.7 per cent, is expected to appeal to both domestic and overseas buyers.
The 2,240sq m (24,110sq ft) is let for 25 years from May 2001, with a break option in 2018, subject to a 12 months rental penalty and 12 months advance notice.
BT is currently upgrading its fit-out in block C as part of a more extensive refurbishment project. The block comes with 49 car-parking spaces.
Lisa McInerney of Ó Buachalla says that with limited supply of good investment stock available, coupled with the recent reduction in stamp duty, the introduction of the capital gains tax incentive and the Government’s abandonment of retrospective rent reviews, there had not been a better time in recent years to launch such an asset on to the market.
