Sunday 21 January 2018

€5m above guide for offices

Telephone House on Marlborough Street.
Telephone House on Marlborough Street.
Peter Flanagan

Peter Flanagan

An office block in central Dublin is on the verge of being sold for for more than €5m over its guide price.

Telephone House (pictured) on Marlborough Street on the north side of the city is set to be taken over by private Irish investors in a deal worth €17m.

That is well above the original asking price Knight Frank had put on the property, which was in the region of €11.5m.

The block is occupied by the global conglomerate HCL, who are contracted to operate customer and technical support services for Eir at a passing rent of €968,084.

Those numbers will translate to a net initial yield of 6pc.

The block is in use as office space at present but given the nature of the floorplates, the property can be put to other uses quite quickly.

The property is thought especially suitable for use as a hotel while residential could be another option if need be.

The property was developed in the late 1970s and comprises a nine storey over partial basement office building. It is understood that a major refurbishment of the building was undertaken in 2004.

The total net floor area is 7,504.1 sq m (80,773 sq ft) with typical floor plates of approximately 883 sq m which the agents said could be further sub-divided if necessary.

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