ESB Commercial Properties has put office Dublin development Fitzwilliam 28 up for sale for €168m (£144m).
The property arm of Ireland’s largest utilities firm has appointed Savills Ireland and Bannon to market the building. A deal at asking price would reflect an initial yield of around 4.2%. The rent roll will exceed €7.7m per annum.
The building, at Dublin 2, will comprise 135,617 sq ft of grade-A offices across eight floors plus 50 car parking spaces. It is expected to reach practical completion in the second quarter of this year.
San Francisco-based technology firm Slack has signed for a long-term lease at the building, as previously reported by EG.
The scheme is one of two adjoining but independent blocks developed by ESB. Fitzwilliam 27 will be owner-occupied by ESB. Other occupiers in the immediate area include the Department of Health, Shire, LinkedIn, Google and Stripe.
Fitzwilliam 28 has been designed by Grafton Architects and O’Mahony Pike Architects. PJ Hegarty & Sons is the contractor.
Fergus O’Farrell, Savills investment director in Ireland, said: “Interest remains strong in the office sector. Dublin’s strong occupier market and economy, coupled with the quality of this asset and its CBD location, will attract interest from global investors in Fitzwilliam 28.”
Rod Nowlan, investment director at Bannon, added: “As proven by recent lettings to the likes of LinkedIn, Twitter and Stripe, modern offices of scale situated in the traditional city core represent the focus of the current and likely future wave of occupiers.”
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