Office block with waterside view in Dublin 8 for €23.5m

An office building with a waterside view in Dublin 8 is being brought to the market seeking €23.5 million. The property offers potential investors the opportunity to acquire an office block in a city location with impressive frontage on to the River Liffey.

Marshalsea, on Merchants Quay, extends to 43,335sq ft (4,025sq m) over ground and four upper floors, and includes 70 car-parking spaces in the adjoining multi-storey car park, accessed from Cook Street. It sits across the River Liffey from the Four Courts and benefits from 27.5m of river frontage.

The building is multi-let to nine tenants with over five years weighted unexpired lease term, while the annual rent roll in Marshalsea is €1.45 million, indicating a net initial yield of 5.59 per cent, after standard purchasers’ costs, and a price per square foot of €542.

More than half of the income from Marshalsea derives from a lease to BDO (sub-let to the HSE) with 6.3 years left to expiry, and subject to an upward only rent review in January 2022. The average passing rent in the building is €31.10 per sq ft (excluding car parking).

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The building is now 100 per cent occupied with about 70 per cent of the floor area occupied by State-backed/NGO organisations.

The building has potential for further redevelopment with a feasibility study conducted to add two floors to the building bringing the total area to 64,659sq ft (6007sq m).

Fergus O’Farrell of selling agent Savills said the building presents investors “with the opportunity to acquire a recently refurbished income-producing office block in an excellent location along the River Liffey”.

Marshalsea was acquired in April 2019 as part of the overall Merchants Quay portfolio, with a guide price in excess of €25 million. The portfolio included five adjoining modern and period office buildings on the quay. The building had not been refurbished since its construction in 1992 but since then a significant refurbishment programme has been undertaken. It included landscaping and planting of the courtyards, reroofing, new bathroom/office fitouts and refurbishment of the reception and stairwell.