Tallaght office/retail block sells for €700,000 above €5.8m guide

A modern office and retail building producing strong rents in the centre of Tallaght, Co Dublin, has been sold for €6.5 million, well above the €5.8 million guide price.

Sandra Walsh of CBRE handled the sale of 1 and 6 Tuansgate, which includes a modern office building and a retail unit with a combined floor space of almost 3,680sq m (39,610sq ft). The sale also includes 105 car parking spaces in a local multistorey car park. The overall asset produces an annual rent of €520,672.

The office element extends to more than 3,373sq m (36,314sq ft) and is fully occupied by the Dublin and Dún Laoghaire Education and Training Board and Tetra Pak, a multinational food packaging and processing company. More than 80 per cent of the space is occupied by the training board.

The 306sq m (3,296sq ft) retail unit is rented by Royal Foods, trading as Spice Bazaar, an Asian grocery outlet on a lease of nine years and nine months from 2014.