Sunday 15 December 2019

IFSC offices on the block and available at Quinn Agnew

Northbrook House is on the market for an estimated €2.65m
Northbrook House is on the market for an estimated €2.65m

Peter Flanagan

Quinn Agnew has been retained to sell a third generation office block in the centre of Dublin's IFSC.

The firm have been tasked with finding a buyer for Northbank House, a six-storey over basement building. The firm is seeking offers in excess of €2.65m.

The corner building is located at Linear Park, close to the Convention Centre. It has 1,555 sq m of office space, as well as 16 car park spaces.

Quinn Agnew's Manus Agnew says he is expecting strong interest in the property.

"The building is fully fitted with raised access floors and suspended ceilings. There is lift service to all floors.

The property, is available by vacant possesion, making it particularly attractive to potential buyers as offices in Dublin's docklands continue to attract premium rents.

The building was originally part of the North Bank development and is close to what had been the future headquarters of Anglo Irish Bank - now owned by the Central Bank..

It is also close to the Point Village, which recently secured Yahoo as a key tenant at its development.

This is not the only property currently being offered by Quinn Agnew.

The Dublin office market has exploded in recent months, with investment sales surging as buyers seek to capitalise on the sharp increase in office rents across the city.

While levels have increased in most parts of the city, the most notable growth has been in the south docklands, where office rents have jumped from about €25 per square foot to more than €40 now.

While office rents on the north of the river have lagged that level, they have still been increasing steadily, and are said to be now in the around €35 per square foot at present.

Northbank House is understood to be suitable for potential tenants to move in very quickly, giventhe condition of the building at present.

There have been a number of major transactions in the IFSC over the last year.

Most notably, Hibernia REIT paid €47m for New Century House in March. It then followed up by taking on Guild House for just over €90m in June.

That deal netted a fortune for a private consortium put together by the investment firm Warren Private.

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