Agent Colliers is guiding a price of €2.3 million for three office suites at the Apex Business Centre, a high-profile office scheme located in the heart of south Dublin’s Sandyford Business District (SBD). The units – A, B and D – are fully let and are generating an overall annual income of €222,095.
The €2.3 million price tag equates to a net initial yield of 8.78 per cent and a capital value of €284 per square foot after standard purchaser’s costs of 9.96 per cent are accounted for, according to Colliers.
The suites included in the lot consist of first-, second-, and third-floor units, providing open-plan workspaces extending to 753.8sq m (8,114sq ft) in total, and 15 parking spaces.
Unit A is occupied by Allied Pension Trustees Limited, a pension consultant and pension administrators firm, with a passing rent of €112,000 a year. Its 25-year lease is set to expire in April 2028, and includes five basement parking spaces.
Bids to acquire high-end Dublin docklands apartment scheme developed by Johnny Ronan firm hit €170m
Christ Church Leeson Park to see interest from developers of high-end homes at €4.75m guide
New brands sign up for space at Frascati Centre in Blackrock
Bank of Ireland in Kilkenny guiding at €4m, offering buyer yield of 5.98%
Unit B is occupied on a two-year licence agreement by ARMD Ltd, operating as Myriad Trading, which is set to expire in December 2023. The licence fee is €58,970 a year exclusive of property costs, and also includes five basement parking spaces.
The third suite included in the lot, unit D, is occupied by Ethos Engineering, whose 10-year lease is set to expire in March 2026. The property has a passing rent of €51,125 a year, and also provides the leaseholder with five basement parking spaces.
The Sandyford Business District is just 10km south of Dublin city centre and is easily accessed from both the N11 and the M50 motorway.
“The sale of these three office suites offers an opportunity for a private investor to acquire easily manageable office suites, leased to well-supported covenants,” says Niall Delmar of Colliers Capital Markets.
