Joint agents Hooke & MacDonald and Stapleton Property Consultants are guiding a price of €2.15 million for a fully let office investment with potential to be developed into apartments on Landscape Road in Churchtown, Dublin 14.
The guide price equates to a net initial yield of 9.1 per cent, according to the selling agents.
Landscape House is located in south Dublin, 4km south of St Stephen’s Green, close to the villages of Rathfarnham, Rathgar, Terenure, Milltown and Clonskeagh.
The property comprises a detached two-storey office building which extends to approximately 1,608sq m (17,313sq ft) on a site of 0.24 hectares (0.59 acres).
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The offices are let to Apleona Ireland Limited, which is responsible for 70 per cent of the annual rental yield, in addition to Red Box Direct Limited and Flextime Limited, generating a total yearly income of approximately €215,312. These leases are set to expire in 2027.
The property has road frontage for parking and sits adjacent to Landscape Court apartment development, with commercial properties to the west.
The development is zoned “NC” with the objective “to protect provide for and/or improve mixed-use neighbourhood centre facilities”, meaning it would be possible to apply for planning permission to redevelop the property into residential units.
A feasibility study prepared by Optimise Design suggests the subject site has the potential to accommodate a scheme of 35 apartments, subject to planning permission. The details of the study are available to view on request.
