Thursday 18 January 2018

Dublin 2 office block made available for sale or to rent at €32.50 per ft

BNP Paribas Real Estate is guiding €4.5m for Herbert House in Dublin 2
BNP Paribas Real Estate is guiding €4.5m for Herbert House in Dublin 2
Peter Flanagan

Peter Flanagan

BNP Paribas Real Estate are guiding €4.25m for an office block in central Dublin which is also available to rent.

The firm are seeking a renter or buyer for the Herbert House block on Harmony Row in Dublin 2.

The ground and first floor accommodation is available to lease and BNP Paribas Real Estate are quoting an annual rent of €350 per sq m and €2,750 per annum for each of the car spaces.

Herbert House is a three-storey over basement office building and is located on the south side of Lower Grand Canal Street just off Hogan Place. The property, which was constructed in 2001 is on the doorstep of the Silicon Docks district and within walking distance of Lower Mount Street, Merrion Square and Pearse Street.

Herbert House extends to a net internal area of 1,327 sq m (14,203 sq ft) over three floors and is capable of accommodating up to 17 secure basement car parking spaces.

The Grade A office accommodation also has the benefit of raised access floors, suspended ceilings with recessed lights, air conditioning and a eight person passenger lift. Each floor consists of offices and meeting rooms that are predominately open plan in configuration providing flexible bright efficient space that can easily be adapted to suit a variety of business uses. The ground and first floors are currently vacant and extend to a net internal area of 383m2 (4,122 sq.ft.) and 507 sq m respectively. The second floor is occupied by engineering conglomerate CG Power Systems Ireland Ltd on a 10 year lease from June 17 2010 at a passing rent of €76,500 with the next rent review due this month.

Keith O'Neill of BNP Paribas Real Estate who is handling the sale on behalf of receivers EY commented: "Herbert House should attract strong levels of interest from owner occupiers and investors alike when it goes to the market this week".

"With rental levels continuing to increase in Dublin 2 due to the critical lack of supply of modern office buildings, I believe that tenants who have leases approaching their expiration or break option dates may consider acquiring Herbert House.

"If they take it on as a medium to long term investment it will reduce their risk exposure to rising rents and increasingly onerous leases," Mr O'Neill added.

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