Dublin office block 87-88 Harcourt Street has been brought to market by Savills on behalf of receivers at a guide price of €45m (£37.7m).
The guide price reflects a net initial yield of 4.85% and €844 per sq ft.
The 53,312 sq ft 87-88 Harcourt Street is entirely occupied by Irish law firm Byrne Wallace on a 25-year lease from November 2003 with an expiry in November 2028. The lease includes a break option for the tenant in November 2023. If the break is not exercised, the lease is subject to an upward-only rent review. The passing rent equates to €44.39 per sq ft.
The building also has potential for expansion, with a feasibility study recently undertaken identifying the possibility to add two floors to the rear block and extend the existing 4th floor for an additional net internal area of 14,800 sq ft, plus a roof garden.
Savills has been instructed on behalf of joint receivers Luke Charleton and Andrew Dolliver at EY-Parthenon.
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