A partially-let office investment in Dublin 2 is for sale at over €4.25 million – or its vacant space is available to let at €350 per sq m (€32.50 per sq ft) – through BNP Paribas Real Estate.

Herbert House on Harmony Row is being put on the market on the instructions of receiver Luke Charleton of EY on behalf of Albion Property which is controlled by Pascal Conroy and Des Walsh.

It is a three-storey over-basement building on the south side of Lower Grand Canal Street just off Hogan Place. Constructed in 2001, it is on the doorstep of the Silicon Docks district and within walking distance of Lower Mount Street, Merrion Square and Pearse Street.

The building extends to a net internal area of 1,327sq m (14,203sq ft) and accommodates up to 17 secure basement car-parking spaces which are each available to rent at €2,750 per space.

This grade A office accommodation has raised access floors, suspended ceilings with recessed lights, air conditioning and a eight-person passenger lift.

Each floor consists of offices/meeting rooms that are predominately open-plan so that the flexible space can be adapted to a variety of uses.

Currently the ground and first floors are vacant and extend to 383sq m (4,122sq ft) and 507sq m (5,457sq ft) respectively.

Engineering conglomerate CG Power Systems Ireland Ltd occupies the second floor on a 10-year lease from June 17th, 2010, at a passing rent of €76,500 – the next upwards/downwards rent review is due next month.

Keith O’Neill of BNP Paribas Real Estate says: “With rental levels continuing to increase in Dublin 2 due to the critical lack of supply of modern office buildings, tenants who have leases approaching their expiration or break option dates may consider acquiring Herbert House as a medium to long-term investment, thus reducing their risk exposure to rising rents and increasingly onerous leases.”