Savills has been instructed to bring two prime office units at 52-55 Sir John Rogerson’s Quay to the market. The property is being offered for sale by private treaty in one or more lots at a combined guide price of excess €10.8 million.
The current rent receivable is over €673,210 per annum, at the guide price, Savills say this will provide an attractive return to an incoming investor of 5.75% after standard purchaser’s costs.
The property comprises two separate office units laid out over ground and 1st floor level extending to a total area of approximately 13,767 sq. ft, together with ancillary basement storage and car parking provision of 6 spaces (1 space per 2,295 sq ft) an allocation which can’t be achieved on new builds.
This scheme benefits from a waterfront position on Sir John Rogerson’s Quay with views onto the River Liffey and other well-known Dublin City landmarks such as the Samuel Beckett Bridge, The Diving Bell, Convention Centre Dublin, Central Bank of Ireland HQ and the 3Arena.
The property was constructed by John Sisk and Son in 2006 as part of a wider mixed-use scheme in the Grand Canal Dock area commissioned by the Dublin Docklands Development Authority (DDDA) as part of the docklands regeneration. The courtyard garden in the centre of the development is designed by the famous Irish Designer Diarmuid Gavin and originally featured as a concept garden at the Chelsea Flower Show in 2005.
Ancestry.com which is the largest genealogy company in the world occupies the larger unit on a 10-year lease from June 2012, with the 2017 rent review agreed at a passing rent of €595,000 per annum, reflecting an office rent of approximately €52.50 per sq. ft. The offices are finished to a high specification which was recognised previously when winning small office fit out project of the year at the Fit-Out Awards.
A short-term lease was agreed with DAQRI International in February 2015 for the smaller own-door which extends to over 1,850 sq. ft. at a rent of approximately €81,500 per annum. Subsequently this space was sub-let and a profit rent was agreed in mid-2017 to Ocorian, a leading independent provider of corporate services, paying an annual rent of approximately €104,000 per annum. The head lease expires in early 2020 which may provide an opportunity to owner occupiers to acquire a prestigious office address in the short term.
The property is located in Dublin’s South Docks, a vibrant commercial hub home to some of the world’s leading corporate occupiers. There are a number of high profile mixed use office and residential blocks currently under construction in the locality including Capital Dock, The Reflector, 5 Hanover Quay and 76 Sir John Rogerson’s Quay. With the completion of all of these schemes scheduled throughout 2018 and 2019, the Grand Canal Docks continues to improve and evolve into the most sought-after office location in Dublin city.
The area is well serviced by Dublin’s expansive public transport network with both Luas and DART within 10 minutes’ walking distance, Dublin Bike on the doorstep and multiple bus routes in the locality. The area has good road infrastructure with the Samuel Beckett Bridge providing speedy access to the North Docks, IFSC and to Dublin Airport. A new public transport bridge is also planned connecting Grand Canal Dock with Ringsend (included in DCC Capital Programme). There is also long term potential for the DART Underground to service the location.
Speaking this week, Dessie Kilkenny of Savills commented, "52-55 Sir John Rogerson’s Quay provides investors with an opportunity to acquire high-quality office space in Dublin’s South Docks, the most sought-after office location in the city. Given the attractive lot size and the rarity of this type of prime investment product we expect considerable interest from a variety of investors."
Source: www.businessworld.ie
