Two Dublin office investments for sale at €4.4m and €1.6m

Two south Dublin office investments with guide prices of €4.4 million and €1.6 million are to be offered for sale by Cushman & Wakefield on behalf of Gannon Properties.

Jane Dolan of the agency is handling the sale of Block 8 at Richview Office Park, Dublin 14, which at the guide price of €4.4 million will show a net initial yield of 7.94 per cent.

The three-storey block with a net internal area of over 994sq m (10,708sq ft) is let to Liberty Mortgage Corporation on a 25-year lease from July 2007, at a rent of €365,350. The weighted average lease period is 5.12 years. The office block also comes with 32 surface car parking spaces.

Richview Office Park has a number of other notable tenants including Paddy Power, Omnicom Media group, Topaz and Novartis.

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Cushman & Wakefield is also asking in excess of €1.6 million for Castle House, Rathfarnham, which will show a yield of 7.60 per cent. There are more than eight years to run on the five tenancies, Permanent TSB Bank, Corporate Undewriting Ltd, Insights World Learning Ltd, Enigma Grill and a residential tenant. The combined annual rent is €127,250.

PTSB occupies the ground floor retail unit, and have been based there since 1996. The company recently renewed the lease for a further 15 years with a break in year 10. Its current rent is €53,500. The Enigma Grill trades from the lower ground floor. The purpose-built block dates from the 1990s and has an overall floor area of over 834sq m (8,985sq ft).