A partially vacant modern office block at Sandyford, Co Dublin, is to be offered for sale from today through the Savills agency at €15 million.
The four-storey over-basement stand-alone building, Ballymoss House, has an overall floor area of 6,038sq m (65,000 sq ft) and 164 car parking spaces at the junction of Ballymoss and Carmanhall Road. It is just three minutes walk from the Stillorgan Luas station.
With 75 per cent of the office space vacant after Bank of Ireland and Barclay Card relocated to other accommodation new owners are unlikely to have much difficulty in finding replacement tenants because of the ongoing demand for office space in suburban areas like Sandyford as well as the city centre.
There are any number of examples of city and suburban rents edging upwards because of increasing competition between firms on the expansionary trail.
The ground floor of Ballymoss House is let to BMC Software on a 25-year lease from July 2000, with five yearly upwards-only rent reviews. The passing rent of €389,666 includes fees for 39 car-parking spaces and works out at €236 per sq m (€22 per sq ft). Even at that relatively low rent, the entire building, including the car parking spaces, can be expected to bring in a rent roll of €1.56 million when fully let.
Ballymoss House was developed by David Arnold in 2000 and would clearly benefit from a light refurbishment. It has a number of attractive features including a full height reception area, an attractive central courtyard and a high carparking ratio. The specification includes raised access floors on the main office levels, suspended ceilings, central heating, air conditioning and toilets on each floor.
The €15m million guide equates to €228 per sq ft (€2,454 per sq ft).
Marguerite Boyle of Savills, who is handling the sale, said the successful bidder would be in a position to add immediate value to the block through the letting of the three vacant floors at a time when rents were rising significantly.
