Knight Frank have been retained as agents to sell a south Dublin office block with an asking price of nearly €6m.
The property at Block C, Dundrum Office Park is a three storey office building let under two co-terminus 25 year leases to BT Communications at a current rent of €718,669 per annum. The leases, which provide for upward only rent reviews, have a tenant break option in 2018 subject to the payment of a 12 month rental penalty.
Rent from two roof top communications masts take the total income from the property to €745,669 per annum.
The asking price of €5.75m means the property would be producing an annual yield of 12pc.
The property comprises a detached office block of approximately 24,000 sq ft finished to third generation standards. The building has been designed with the flexibility to split into two self-contained offices, with separate access and services, Knight Frank said. There is a reception and lift/toilet block at each end of the building.
Internally, the building which is said to have been recently been upgraded by the tenant, provides high quality office space including raised access floors, air conditioning and suspended ceilings. The tenant's fit-out includes a staff restaurant on the top floor as well as a board room, communications room and break out areas on each floor.