Business Commercial Property

Wednesday 19 December 2018

Paddy McKillen Jr in talks to sell Lennox Building for €25.5m-plus

The Lennox Building
The Lennox Building

Ronald Quinlan Commercial Property Editor

Developer Paddy McKillen Jr has entered into exclusive talks with an as-yet unnamed party in relation to the sale of the Lennox Building, which his company, Oakmount, is developing at the corner of South Richmond Street and Lennox Street in Dublin 2.

While a spokeswoman for Mr McKillen declined to comment on the matter, the Irish Independent understands the property is course to secure more than the €25.5m guide price quoted by selling agents Knight Frank, when they brought it to the market in October.

The prospective buyer is understood to have been selected after a keenly-contested bidding process involving several parties last week.

The Lennox Building, which is currently under construction by Oakmount, is due for practical completion by the end of January 2019.

It will comprise a four-storey over lower-ground floor block extending to 3,060 sq m (32,938 sq ft) with eight car spaces and 48 bicycle spaces. The building is fully pre-let to flexible workspace provider Iconic Offices, who will occupy the entire office and leisure accommodation.

The ground floor restaurant and ancillary accommodation at lower ground level is being rented by the main trading entity of Paddy McKillen Jr's Press Up Entertainment Group.The Lennox Building's combined annual rental income will be €1.383m subject to final agreed measurements.

The property is next to the office districts of Harcourt St and Hatch Street, and a short walk from the Grand Canal, Camden Street and Wexford Street, and the shopping district of Grafton Street and St Stephen's Green.

Irish Independent

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