Landmark Dublin office for sale for €70m

Landmark Dublin office for sale for €70m

 

Bishop's Square in Dublin 2

Bishop’s Square, a prime Dublin 2 office investment situated close to St Stephens Green is being offered for sale by Savills with a guide price of €70m.

The six story third generation office building is fully let to tenants that include the OPW, State Street, News International and Tourism Ireland with rents bringing in €6.7m a year.

The entire building extends to 14,263 sq m (153,529 sq ft) including 64 basement car parking spaces.

State income accounts for over 70% of the current rent with an unexpired term of over 9 years.

Fergus O’Farrell, director of Savills Investment, says: “We are delighted to be able to offer a prime Dublin 2 office investment to the market. We have seen this year increased demand both locally and internationally for quality office assets and Bishops Square given its lot size, quality of tenant and length of income will prove highly attractive to these investors. With vacancy of grade A office space in Dublin 2 at 4.6%, based on our latest research, investors who have focused on City Centre office investments as a market sector with short term recovery potential have done so based on hard evidence of diminishing stock levels.”

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