Savills to sell D4 offices for €37.5 million

Savills to sell D4 offices for €37.5 million

 

St Martin's House

Savills is bringing to the market for sale a prime office and retail investment opportunity in one of Dublin’s prime commercial locations.

St. Martin’s House is strategically located in Dublin 4’s central business district at the intersection of Waterloo Road, Upper Baggot Street and Pembroke Road.

The property enjoys excellent public and private transport facilities as a result of its pivotal location on one of Dublin City Centre’s main arterial routes.

A range of amenities are located in the vicinity including Donnybrook Fair, Tesco and The Dylan Hotel while a host of restaurants and cafés are located in the locality. Nearby leisure amenities include the recently revamped Aviva Stadium, RDS and Herbert Park.

St. Martin’s House comprises a landmark five storey over ground floor office building with retail at ground floor built around a central atrium incorporating an attractive reception area. The building has recently received an attractive refurbishment of the common areas and provides open plan or cellular accommodation over four upper floors.

The property also avails of very generous car parking, with its own multi-storey car park to the rear offering over 150 car parking spaces. The property is also the only building in Dublin with a running track on the roof.

The property is let to 4 main office tenants, including the Commissioners of Public Works Ireland, the National Roads Authority and Truvo Ireland, 6 retail tenants including Xtra-Vision and Eddie Rockets with additional income from car parking licences.  The current total passing rent is €3,560,750 per annum.

The entire building extends to 7,030 sq m (75,674 sq ft) with office accommodation totalling 6,045 sq m (65,073 sq ft) and retail accommodation totalling 985 sq m (10,601 sq ft).

The freehold property is being offered for sale by private treaty and presents a rare investment opportunity to acquire a well-located, fully let mixed office and retail asset.

Domhnaill O’Sullivan, director of Savills Investment, says: “We are delighted to be able to offer a prime D4 office building to the market, at a time where there is increasing evidence of international demand for quality Dublin properties at competitive prices.”

Savills will be quoting a price of €37,500,000, subject to contract, representing a net initial yield of 9.1% after purchaser’s costs.

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