One of Dublin’s most iconic office buildings, St Stephen’s Green House, is on the market for excess €50m. The sale is being handled by Savills and Knight Frank. The building, the tallest block fronting onto St Stephen’s Green, dominates the corner of Lower Leeson Street and Earlsfort Terrace, Dublin’s most prestigious office address.
Savills say St Stephen’s Green House provides a unique opportunity to purchase a core asset with a strong income profile and the potential to add significant value by either extending and modernising the existing building or undertaking a more comprehensive redevelopment, creating a new larger block, on this prime site.
The building was originally built in the mid 1960’s as a headquarters for the Sugar Company, is an eight-storey block with unrivalled views over St Stephen’s Green, Earlsfort Terrace and stretching out as far as the Dublin mountains and Dublin Bay. The building provides approximately 6,348 sq.m (68,325 sq. ft) of office space with a car parking allocation of 106 spaces laid out over two basement levels.
The property is offered at a quoting price of excess €50 million. This pricing reflects an attractive initial net return of 5.7%, increasing to 6.20% following letting of the vacant space. The price reflects a capital value of €732 per sq.ft.
The building is let to five tenants, including the OPW, Hayes Solicitors, Aramark and Lisney, producing a current rent of over €3.12 million. The average unexpired lease term is approximately 4.25 years to break options (4.75 years to lease expiry). Part of the 5th floor, extending to 529 sq.m (5,681 sq.ft) is vacant however terms have been agreed to lease this space.