Crumlin office blocks at Cashel Business Centre for €2.75m

Two interconnecting office blocks which are partially occupied at Cashel Business Centre on Cashel Road in Crumlin, Dublin 12, are to be offered for sale from today by the Savills agency at €2.75 million.

The modern three-storey building with an overall floor area of 2,637sq m (28,384sq ft) is divided into 14 office suites, 8 of which are occupied and producing rents of €287,000 per annum.

The suites range in size from 71 to 474sq m (764 to 5,102sq ft). The six vacant units extend to 1,284sq m (13,820sq ft) and when rented will bring in an additional €150,000.

Office units

Based on the current rent roll, the investment will show a net initial yield of 10 per cent with the potential to do even better when the remaining office units are let.

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The building has a weighted average unexpired lease term of 3.01 years with the line-up of tenants including DNM Technology, Enable Ireland, Three Mobile and Irish Broadband.

Gavin Butler of Savills, who is handling the sale, said the suburban office market had witnessed a significant increase in demand in recent times as some occupiers were forced out of the city centre due to rising rents.

The trend suggested that there were good prospects of attracting additional tenants to the development over the short term.