Commercial Property

Fully let Clonskeagh office investment for €8.75m

Beaver House in Dublin 4 has been refurbished and provides rent roll of €527,000

Beaver House at Beech Hill office park in Dublin 4 was last on the market in April 2015 for €5.5 million

Justin Comiskey
Tue Sep 12 2017 - 19:15

A fully let office investment in Clonskeagh is guiding €8.75 million through agent Knight Frank which would reflect a net initial yield of 5.58 per cent.

Beaver House at Beech Hill office park in Dublin 4 was last on the market in April 2015 for €5.5 million on the instructions of Ulster Bank.

Since then it has been refurbished and the vacant first floor let to give a rent roll of €527,858 per annum. The average rent at €14.95 per sq ft offers upward potential from 2020 on, according to the agent, while the weighted unexpired lease term is around 6.5 years.

Maxim Integrated occupies 66 per cent of the space on a 15-year lease from 2015 at a rent of €315,000 with a break option in 2025. The remaining space is let to Pinergy, which has a 10-year lease from July 2017 at €139,920 a year, and Jefferson Payroll which rents a ground-floor suite on a 10-year lease from January 2017 at €18.50 per sq ft.

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Beaver House is a three-storey block extending to 2,739sq m (29,483sq ft) with 90 car-parking spaces. It was built to a high spec to include a triple height glazed entrance lobby and reception desk, flexible office layout, suspended ceilings with recessed category 2 lighting, raised access floors, air conditioning, and passenger lift.

Beech Hill office campus and immediate environs has a strong tenant mix to include Ericsson, Topaz, Smurfit Kappa, Paddy Power, UCD and Nokia. It is about 500 metres from the N11 with its quality bus corridor, while the Luas at Milltown is also close by.

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