Broker Savills has been mandated to sell Donnybrook House, a re-modelled five storey office building, with a guide price of €27 mln.
The broker said that it expects strong investor interest in the sale of the 66,525 sq ft (6,180 m2) asset, which is located in Dublin 4 within walking distance of the central business district
Donnybrook House underwent an extensive Henry J Lyons designed refurbishment in 2018 and now provides for modern office accommodation on the upper floors with a mix of restaurant, café and leisure space at ground and lower levels. The property already benefits from an existing rent roll of €680,000 per annum from tenants such as Mark Anthony Brands, DRES and Raw Gyms.
The vacant space in the building is predominantly offices and once fully leased, the asset can provide over €2 mln in annual rents.
‘With limited vacant office sales in Dublin, the sale presents a unique opportunity for investors at an opportune time given the re-opening of the economy and the associated revival of offices and retail,’ Savills said.
‘Our leasing team are seeing strong levels of interest on both the vacant office and retail space and expect this to only increase with the gradual reduction of restrictions,’ said Sean Ryan McCaffery at Savills Ireland.
