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Office investment on Dublin’s New Street offers 7.36pc net initial yield

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QRE Real Estate Advisers are quoting a guide price of €2.25m for the second and third floors of 35 Cathedral Court, New Street South

QRE Real Estate Advisers are quoting a guide price of €2.25m for the second and third floors of 35 Cathedral Court, New Street South

QRE Real Estate Advisers are quoting a guide price of €2.25m for the second and third floors of 35 Cathedral Court, New Street South

An office investment near St Patrick’s Cathedral in Dublin 8 is being offered for sale with the prospect of a 7.36pc net initial yield.

QRE Real Estate Advisers are quoting a guide price of €2.25m for the second and third floors of 35 Cathedral Court, New Street South. The floors generate total rents of €182,220 from two tenants based on two new leases to Currie and Brown and Cuckoo Events Limited (Ireland).

Both have signed leases of about 10 years with term certain income of about five years.

Cathedral Court is a mixed-use residential and commercial development close to the Maldron, Hyatt Centric and Loft hotels. It is also situated less than 500 metres from the new Westridge development on the old TU Dublin Kevin Street site.

There are a wide range of public transport links within the immediate vicinity with the Green Line Luas about seven minutes’ walk away at St Stephen’s Green and a host of Dublin Bus routes travel through New Street South.

The vendor, a private Irish partnership, has extensively refurbished and enhanced the property in recent years to include a new heat interface unit, extensive fire remedial works, a complete boiler room upgrade and they have installed a natural ventilation system on both floors.

The investment extends to a total of 496 sqm (5,340 sqft). split evenly between 248 sqm (2,670 sqft.) on each floor. Harry Byrne of QRE says the capital value equates to €421 per sqft and he expects it will appeal to investors who are seeking minimal asset management in the short-term.

Fit out includes a large reception and waiting area, cellular glazed meeting rooms, open-plan office accommodation, modern kitchen facilities, an air-conditioned comms room and bathroom facilities on each floor.

A lift serves all floors including the basement car park.

In addition, five basement car-parking spaces are included in the sale. Also included is a basement storage area extending to approximately 25 sqm (270 sqft). This is leased in its entirety to Cuckoo Events Limited.

Other occupiers in the building are: Clear Dental Care, a dental practice on the ground floor; the Haemophilia Society on the first floor; and Paul Keogh Architects on the fourth floor.

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