CBRE and JLL have been appointed to sell a portfolio of four offices in Sandyford Business Park, Dublin, for an asking price of €20m (£14m).
The Sandyford Collection totals 120,000 sq ft and includes Corrig Court on Corrig Road, Bracken Court on Bracken Road, Silverstone House and Grafton House, both situated on Ballymoss Road. The assets are being offered for purchase either in one lot or separately on an individual basis.
Prime headline quoting rents in the South Suburbs rose by around 15% over recent months to well in excess of €20 per sq ft. Additionally, the suburbs accounted for close to 40% of overall office take-up in Dublin in Q1 of 2015, with five of the top 10 transactions signed in the quarter being in the suburbs.
The total rent roll from the assets is currently in the region of €1.1m pa, with the potential to increase this to approximately €1.9m pa once the vacant space is leased. This offers an investor an initial yield of around 5.2%, with the opportunity to increase this to closer to 9% once the vacant space is leased.
