Modern four-storey office block in Blackrock for €5.3m

Another office investment in Blackrock hits the market this week with agent JLL quoting more than €5.3 million for the Carysfort House block on Carysfort Avenue.

This modern, four-storey building extending to 939sq m (10,109sq ft) is let on a 12-year lease from December 1st, 2017 to Tusla, the State child and family agency.

Carysfort House is generating a rent roll of €335,000 from Tusla and two telecommunications masts which suggests a net initial yield of 5.8 per cent.

Tusla is currently undertaking a significant fit-out and this is in addition to a recent investment by the landlord of more than €500,000 in the building whose spec includes a new air-conditioning system, new boiler system, raised access floors, suspended ceilings with recessed lighting and shower facilities.

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Clear views

The building, with clear views over Carysfort Park and a roof terrace accessible from the third floor, also has 24 car-parking spaces at ground and basement levels.

Carysfort House is within walking distance of Blackrock village, the Dart, N11 and numerous bus routes.

Blackrock, an established suburban office location, is seeing significant investment as evidenced by the Frascati shopping centre undergoing a €30 million upgrade and a €10 million revamp for its rival Blackrock shopping centre .

Just last week, three adjoining modern office buildings facing the Blackrock bypass with a combined 4,683sq m (50,409sq ft) came on the market through joint agents Lisney and HWBC.