Thursday 8 December 2016

Docklands office suite with own door for excess of €3m

Published 07/06/2015 | 02:30

CBRE is guiding €3m for this ground floor office on Sir John Rogerson's Quay in Dublin
CBRE is guiding €3m for this ground floor office on Sir John Rogerson's Quay in Dublin

CBRE has been retained as agent for a ground floor office in the Dublin docklands.

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The office at 56 Sir John Rogerson's Quay is on the market with a guide price of "in excess" of €3m.

The unit is mainly open plan with some cellular offices and meeting rooms. In addition a purchaser will benefit from an additional 400 sq ft of storage along with five car parking spaces in the underground basement.

The space is about 4,150 sq ft in total, and has its own front door. It will be sold with vacant possession.

CBRE say that with the proposed development of many new office blocks within the Docklands this waterfront office unit offers great potential to owner occupiers seeking compact modern accommodation adjacent to leading legal, tech and professional occupiers.

It also offers investors an "excellent opportunity to create an investment opportunity with rents in the south Docklands achieving in excess of €45 sq ft and set to increase further".

The docklands have become one of the most expensive locations for office space in the country, as tech firms in particular take up large swathes of the office space there.

With office vacancy levels at effectively zero in the immediate area, it is considered likely that the property will attract widescale interest.

The Grand Canal Dock area has become a hub of activity over the last number of years and has attracted occupiers such as Facebook, Statestreet, Matheson, McCann Fitzgerald, William Fry, Informatica, Ancestry.com and LogMeIn.

The nearby Grand Canal Square offers an array of amenities to occupiers which include the Bord Gais Energy Theatre and the five star Marker Hotel while the National Convention Centre and the 3Arena are a short walk across the fronting river Liffey, CBRE added.

The rental market in Dublin for offices has exploded in the past two years, and even now shows little sign of slowing down in the near future.

Rents for top level office accomodation in the "prime" parts of the capital have risen from as little as $25 per sq ft three years to the point where contracts are being signed now for in excess of €60 per sq ft for the highest spec offices in the city.

Even at that level though, the current cycle may not be over.

The previous high of €65 per sq ft was set in 2007 but analysts believe that peak may be eclipsed next year, with rates now expected to top €70 per sq ft if the current office shortage continues. New office construction is not expected on stream for another year or so.

Sunday Indo Business

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