Wednesday 21 March 2018

Smithfield offices quoting €600,000

The investment property at Coke Lane in Smithfield.
The investment property at Coke Lane in Smithfield.
Peter Flanagan

Peter Flanagan

JLL is quoting €600,000 for an investment property at 8 to 10 Coke Lane in the Smithfield area of Dublin.

The property comprises a four storey modern office building, extends to approximately 279.24 sq m (3,006 sq ft) with one car parking space. The top floor of the building is not included in the sale. The property is part let to Amadeus Marketing Ireland Ltd at a passing rent of €35,000 per annum with the lease due to expire in August 2016.

Amadeus occupy 2,110 sq ft on the first and second floor along with one car parking space. The ground floor of 896 sq ft is currently vacant and there is separate access directly into this unit.

The property is on the southern side of Coke Lane in the centre of Smithfield in Dublin's North City Centre. The general area has benefited from rejuvenation over the last 10 years and JLL claim it now offers a "vibrant mixed use environment with a mix of office, retail, residential and leisure uses".

Brian Shields of JLL commented "With the current lease due to expire in August 2016, the sale offers purchasers an excellent opportunity for an owner occupier to obtain vacant possession or an investor an opportunity to significantly increase returns by re-gearing the existing lease as the current passing rent equates to just €15.40 per sq ft and €2,500 for the car space."

The sale price equates to a yield of 5.6pc.

It is for sale by private treaty.

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