Blocks C & D in Parkgate Business Centre, a high yielding office investment in Dublin’s City Centre, is being offered for sale in one or more lots by international real estate advisor Savills, on behalf of receivers KPMG. The guide price of €9.5 million represents a net initial yield of 12.82% after standard purchaser’s costs. The capital value of the building is €268 per sq ft (€2,884 per sq m), which is significantly below replacement cost.

Blocks C & D are both fully let office buildings with future asset management opportunities extending to a total 3,298 sq m (35,499 sq ft) of modern office space with 38 car parking spaces. Both blocks benefit from Government state agency backed income, with Block C single let to the Rail Procurement Agency (RPA) and Block D single let to the Health Service Executive (HSE).

The building offers third generation office space close to the main entrance to Phoenix Park, one of the largest walled city parks in Europe. The area benefits from excellent infrastructure and public transport links. Parkgate Business Centre is located only 300m from Hueston station, one of Ireland’s main railway stations. The area is also serviced by numerous bus routes, providing easy access to the City Centre and suburbs.

Carol Cavanagh, in the investment team at Savills Ireland, says, “We are pleased to offer this high-yielding office investment to the market. Given the AAA income, the current tenants in situ, the future asset management and the improving office occupier market we anticipate the investment will attract considerable Irish and overseas interest in the coming weeks.”