Fully-let office investment in Clonskeagh on the market at €2.8m

A fully-let office investment in Clonskeagh, Dublin 14, is fresh to the investment market this week at more than €2.8 million through Cushman & Wakefield.

The block, 2B Clonskeagh Square, is 4km from the city centre, adjacent to UCD, and forms part of a suburban office hub along with Beech Hill Office Campus, Richview Office Park and Belfield Office Campus.

It is let in its entirety to Life Assurance Company Ltd (Bank of Ireland) on a 35-year lease from November 1988, which gives an unexpired lease term of 5.71 years.

The passing rent of €215,000 per annum is subject to an upwards-only rent review in November 2018. Should it achieve its guide price this would reflect a net initial yield of 7.08 per cent assuming standard purchaser’s costs of 8.46 per cent.

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This purpose-built, two-storey office building is semi-detached and rectangular shaped to give 770sq m (8,290sq ft), and comes with 33 surface car parking spaces. There is a mix of open plan and cellular space, with access via a shared internal lobby.