One of the most distinctive office buildings in the Dublin suburbs goes on sale from May 30th. Joint agents CBRE and Colliers International are guiding €39 million for the Vista Building at Elmpark Green off Merrion Road in Dublin 4, which will show a net initial return of 4 per cent and a reversionary yield of 7.4 per cent.
The eight storeys over basement headquarters building has an overall floor area of 8,540sq m (91,924sq ft) and 70 underground car parking spaces. The block is let to Novartis Ireland, one of the world's largest pharmaceutical companies, on a 10-year lease from November 2013.
Novartis employs more than 1,600 people across three locations in Dublin and Cork.
Elmpark accommodates the Novartis Global Services Centre and is fitted out to a high standard by the tenant.
Novartis has already agreed a fixed rent review to €1,683,490 or €18 per sq ft from November next. That figure is highly reversionary, according to the selling agents, who suggest that the market rent would be in the region of €39.50 per sq ft.
Elmpark Green is a successful office and residential campus off the Merrion Road. It has more than 400,000sq ft of commercial buildings on the 17-acre site, including four detached office blocks, a cafe and creche along with 340 apartments and a basement car park with 850 spaces. Other office occupiers in the park are Allianz and Willis Towers Watson.
The park benefits from good transport links, with the Booterstown Dart station less than a 10 minutes' walk away. The campus is within a short bus ride of St Stephen's Green and also has a campus bus service linking it to many Dublin bus routes on the N11 at Montrose.
Meanwhile, Colliers International and CBRE have begun a marketing campaign to find tenants for the newly named Seamark Building at the front of the Elmpark Green site with views of Dublin Bay.
The eight-storey block extends to 16,940sq m (182,500 sq ft). Office units ranging in size from 1,858sq m (20,000sq ft) will be available at a rent of €425 per sq m (€39.50 per sq ft) through Kyle Rothwell of CBRE and Michele McGarry of Colliers International.
The building has high-grade air conditioning and a clever layout to provide a high occupational density. The distinctive-looking block has natural light on all floors.
Elmpark was largely completed just before the 2007 property crash by Bernard McNamara, Jerry O'Reilly and the late David Courtney.
It was subsequently sold to the US investor Starwood Capital Group by Nama for about €185 million.
