Grand Canal House sells for €500,000 above guide price

An investor has paid just over €6 million – €500,000 above the guide price – for an office block at the junction of Upper Grand Canal Street and Clanwilliam Place in Dublin 4.

Grand Canal House produces a short-term income of €281,118 and has residential zoning which would allow it to be replaced by a development of apartments or a hotel.

The four-storey office building was funded in the mid-1990s by IPUT property fund for the now defunct Cambridge Finance.

It was subsequently bought by Liam Carroll's Danninger company and eventually sold as part of the Ulysses Portfolio by Nama.

The 25 mixed-use properties in the portfolio were bought for €155 million by Pimco and Brehon Capital.

Grand Canal House has a floor area of 1,535sq m (16,524 sq ft) and 15 surface car-parking spaces to the rear.

It is let on short-term leases and, as none of the tenants have acquired any long-term rights, vacant possession can be availed of in 2015.

The mix of tenants includes Aecon, McSweeney Solicitors, Cafico International, Dunloe Management, Treacy Consulting and Monti Consulting.

Aecon are paying the highest proportion of the rent, €114,176 for 545sq m (5,86 sq ft) on the ground floor.

Grand Canal House is around the corner from Google’s European headquarters and Grand Canal Dock Dart Station. Aisling O’Buachalla of JLL handled the sale.