An unusual investment opportunity, involving the sale of a single floor in a high-profile office block in the Dublin docklands, has come on the market through DTZ Sherry FitzGerald.
Patricia Ward, of that agency, is quoting €1.8 million for the fourth floor of Portview House, close to the Eastlink Bridge at Thorncastle Street in Dublin 2.
The single floor in the six-storey over-basement block extends to more than 505sq m (5,440sq ft) and is producing an annual rent of €147,775. An investor can expect a financial return of 7.86 per cent and, for the record, a capital value of €3,561 per sq m (€330 per sq ft).
The landmark building has glazed curtain walling and stone cladding. The offices have panoramic views of Dublin city centre, looking north to the port and docks area, south to the Aviva Stadium and west along the river Liffey.
The fourth floor is rented by the creative agency In The Company of Huskies (previously known as Cybercom Marketing Consultants) at €292.20 per sq m (€27.16 per sq ft).The 15-year lease from 2010 is subject to a tenant break option in 2020.
Accessibility to Portview House will be greatly enhanced once two of the three bridges planned for the river Liffey are in place. One of them, a pedestrian bridge, will link Sir John Rogerson’s Quay and North Wall Quay, while the other will allow cars and trucks to run between Thorncastle Street and Britain Quay.
In the meantime, Kennedy Wilson and Nama are developing the Capital Dock Project on a vacant site opposite Portview House.
