A fully let office and warehouse facility with redevelopment potential in Sandyford Industrial Estate is fresh to the market this week through agent Knight Frank.

The three-storey detached office block with ancillary warehouse at 51 Bracken Road is on the market at more than €1.75 million, which works out at €105 per sq ft.

A purchaser would secure a net initial return of 9.3 per cent when standard acquisition costs of 4.46 per cent are accounted for.

G4S Secure Solutions, which has 3,400 employees in Ireland, is renting the entire property on a lease from 1988 which has another eight years to run; a rent review is due in 2018.

G4S pays rent of €170,000 a year and, when an annual rental value of €1,000 is applied to each of the 46 car-parking spaces, this equates to an average rent of around €7.50 per sq ft.

“With third-generation offices in Sandyford currently achieving rents in the order of €25 per sq ft, this means 51 Bracken Road is likely to prove very enticing for investors seeking secure income with significant potential upside in an established and sought-after commercial location such as Sandyford,” say the agents.

The building, which sits on a site of 0.5 acres, extends to around 1,544sq m (16,620sq ft).

Just 10 per cent of this is warehouse space, which is accessed through an electric loading door to the side of the premises. The property is of solid concrete portal frame and block wall construction incorporating concrete floor slabs throughout.

G4S has also considerably upgraded part of the property to incorporate air conditioning, suspended ceilings, category-two lighting and glazed partitioning.

Sandyford Industrial Estate, one of Dublin's top industrial and suburban office locations, is home to many well-known corporates, such as Microsoft, Salesforce, Dunne and Bradstreet, and AIB Financing.

The area has seen significant development over the past 10 years as a number of major office, retail and residential schemes were built.

There is easy access to the M50, while the Luas connects to St Stephen’s Green in about 25 minutes.