Refurbished West Dublin offices for sale or rent

A newly refurbished modern office building, Block A Westland Business Park at Dublin 12, is offered for sale or lease.

The three-storey, detached building with an area of ​​25,479 m² stands on a 0.4 hectare lot with approximately 75 parking spaces.

It also has the added benefit of a good profile to the New Nangor Road in west Dublin and is only a two minute drive from the M50/N7 junction.

TWM’s Russell Cleere estimates the property at €5 million and says the price reflects a total capital rate of €196 per square foot, which is “below current construction costs for the property without considering the site value”.

The construction costs for the equivalent are estimated at 3,000 to 3,250 euros per square meter, which corresponds to 7.1 to 7.7 million euros.

For potential new tenants, he names a rent of 18 euros per square meter.

Mr. Cleere commented: “With continued inflationary pressures on construction costs and negative deposit rates that businesses are facing, buying your own building could represent an opportunity and value.

Strategically, there is an opportunity to add potential value in the future by creating a sale and leaseback. If an owner-occupier signs a strong contract, they could achieve far more than what they are paying for the vacant property today.”

Recent renovations include: New Cat A specification throughout and powered raised floors; suspended ceilings with LED lighting; new air conditioning; new passenger elevator from an impressively glazed reception lobby; fully developed WC/WHB; and steel and wooden stairs.

It is being sold on behalf of a private Irish investor.

Last year, the neighboring but smaller Westland House, also known as the Actavo building, sold for €4.1million.

This 23,336 sqft property is set over three floors and is leased to Actavo Group Ltd for €350,000 per annum and was priced at a net initial yield of approximately 7.5 per cent.

It came with 58 parking spaces on site.

This area of ​​Dublin is also seen as having long-term development potential as Dublin City Council has adopted a new local area plan which aims to create a new urban identity for the Naas Road land by regenerating existing built-up land as a sustainable mixed-use area.

https://www.independent.ie/business/commercial-property/refurbished-offices-in-west-dublin-for-sale-or-rent-41734529.html Refurbished West Dublin offices for sale or rent

Fry Electronics Team

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