With such a weight of money chasing Dublin property it’s unusual to hear of an agent dropping the guide price for a modern office block by 20 per cent – especially after less than a year on the market. But it’s even more unusual for the new guide price to come in at 145 per sq ft – well below the cost of replacement.
Lisney is now guiding €5.8 million – down from more than €7 million in May 2018 – for Block B at Nutgrove Office Park in Rathfarnham, Dublin 16.
The vacant four-storey building was built in 2007, extends to 3,701sq m (39,845sq ft), and comes with 45 car-parking spaces. It is divided into units of 7,243sq ft, 11,443sq ft and 21,159sq ft.
“Asset management opportunities”
Duncan Lyster, managing director of Lisney, says Block B would produce a rent roll of about €665,000 when fully let and presents obvious “asset management opportunities”.
Nutgrove is an established suburban office park with about 14,864sq m (160,000sq ft) of space. Occupiers in the area include Lidl, Aldi, Homestore & More, HSE Primary Care Centre, and Harvey Norman. The area is within walking distance of Dundrum Luas station.
