DescriptionSavills is delighted to present this opportunity to acquire a high quality office portfolio in a prime suburban office location.
Viewing Information- The Blackrock Business Park Portfolio comprises 3 high quality office blocks extending to approximately 4,692.4 sq m (50,509 sq ft) GIA / 3,540 sq m (38,110 sq ft) NIA and benefits from 96 car parking spaces.
- Blackrock holds a reputation as one of Dublin's prime suburban office locations and is home to numerous international occupiers.
- The buildings have a combined gross passing rent of €1,122,556 per annum and a weighted unexpired lease term of 8.5 years and 4.5 years to the earliest break / expiry.
- Block 5 is let to a single operator, Hair Restoration Limited at a total current annual rent of €349,682 with a weighted average unexpired lease term of 9.5 years and 5.0 years to the earliest break.
- The average rent for Blocks 3 & 4 is approximately €22.68 per sq ft NIA which offers significant reversionary potential having regard for the most recent letting at €30.00 per sq ft on an NIA basis.
- Blocks 3 and 4 are 100% occupied and let to a diverse range of tenants from a number of different business sectors.
- Strong commercial covenants including Gempool, Lobo Leasing, Hair Restoration, Fincad and Kobo Software.
- The property has full planning permission for the addition of a penthouse floor on Block 4. The proposed extension extends to approximately 506 sq m (5,446 sq ft) GIA / 427 sq m (4,596 sq ft) NIA.
- For the avoidance of doubt please note that this property is an investment sale and the tenants are not affected.