A private Irish investor has paid about €2.15 million for Landscape House, a fully tenanted office building on Landscape Road in Churchtown, Dublin 14.
The property, located within a short distance of the surrounding suburbs of Rathfarnham, Rathgar, Terenure, Milltown and Clonskeagh, comprises a detached two-storey office building extending to about 1,608.4sq m (17,313sq ft) on a site of 0.24 hectares (0.59 acres).
The property is let to Apleona Ireland Limited, a leading international facilities management company, Red Box Direct Limited and Flextime Limited at an income of about €215,312 annually, all of which expires by 2027.
Landscape House has extensive road frontage and is directly adjacent the Landscape Court apartment scheme and a row of commercial properties to the west.
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A feasibility study prepared by Optimise Design indicates that the site has potential (subject to planning permission) for a scheme of 35 apartments.
The sale of Landscape House was handled by joint agents Hooke & MacDonald and Stapleton Property Consultants.
Commenting on the deal, Conor Steen of Hooke & MacDonald said: “We are delighted with the successful sale of Landscape House in the region of the guide price. The property’s current income and architectural feasibility study for a scheme of 35 apartments made it an attractive opportunity for investors.”
Peter Stapleton of Stapleton Property Consultants added: “There is plenty of demand from cash investors seeking sensibly priced opportunities and this will hold throughout 2024 as debt investors seek to reduce borrowings.”
