A collection of three adjoining modern office buildings presenting refurbishment and asset management opportunities in the heart of Blackrock are for sale in individual lots. The three buildings combined provide 50,409 sq ft of office accommodation with 79 car spaces on a site area of approximately 0.48 acres and comprise the majority of a block of land running from Georgeâ€™s Avenue to Carysfort Avenue fronting the main Blackrock bypass. This is a rare value-add opportunity for investors or developers to benefit from the existing income in the short-term whilst considering the refurbishment or redevelopment prospect of the existing buildings.
The occupier of two of the buildings, Zurich, recently agreed to pre-lease an adjoining new office building (Enterprise House which is due for completion July 2019) of approximately 70,000 sq ft on a 20-year lease at a rent reported to be approximately €30 per sq ft. As such, it is likely they will vacate the existing buildings when their lease expires.
Lot 1 Blackrock Park House €4,500,000
Lot 2 Zurich House €6,600,000 reflecting an NIY of 6.98%
Lot 3 Blackrock Hall €3,375,000 reflecting an NIY of 9.42%
Further information in the data room: www.blackrockcollection.com
BER: C1 - D1