This is truly most exciting asset management opportunities to have ever been offered for sale in Ireland - reports dublinlive.ie.
The current Irish Department of Justice Headquarters has hit the market for a cool €20 million.
The building, which was originally the Centenary Church of Ireland, beside the KPMG Headquarters on St Stephen’s Green, is being offered for sale through Savills, on behalf of the investment management group SW3 Capital.
No. 94 St Stephen’s Green is a landmark office headquarters with pillared listed façade and a modern office extension to the rear.
The four-storey over basement office building benefits from a prestigious entrance hallway and reception, which would have greeted the Centenary Church congregation in the mid 1800’s.
Also included in the sale is a Townhouse Residence immediately adjacent, which fronts onto St Stephen’s Green.
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The entire property extends to a huge overall floor area of 2,067 sq m (22,245 sq ft), but a new buyer is likely to avail of the prospect of upgrading the property and potentially adding a significant amount of floor area, via a new penthouse floor.
The property, including the Townhouse is let to The Commissioners of Public Works in Ireland under two co-terminus leases and is currently occupied by the Irish Department of Justice.
The current annual rent being paid by the state is €1,020,000, which is approximately €45.85 per sq ft.
Dessie Kilkenny of Savills commented: “This is certainly one of the most exciting asset management opportunities, in a truly prime district, to have ever been offered for sale in Ireland.
"The benefit of strong state income, coupled with the prospects of an upgrade project in the near future are extremely rare in this type of location.
"I expect the prestige and history associated with the property will draw an array of investor types, owner occupiers and developers to consider the opportunity.”
The asking price of €20 million reflects a current initial yield of close to 5% and a capital value of €899 per sq ft.
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