Bloomsday sale offer at Ulysses House offers the Joyce of  property investment

Dubliners say yes, yes, yes to high yielding office investment with a 6.5% return

Ulysses House, Dublin 1. Floor three, let to accountancy/audit firm Moore, has a €2.55m guide price via Colliers, with a 6.5% return on rent roll of €182,500 pa. Moore employ 130 in Cork and Dublin

AS prime offices yields now are at 3.95% and trending downwards, interest can be expected in a central Dublin office investment, let to audit firm Moore, holding a NIY of 6.5%.

On offer this Bloomsday week with Michele McGarry of Colliers, floor three of Ulysses House, on Foley St, Dublin 1, is described as a high-yielding Dublin city-centre office.

It's occupied by Moore, with 9.5 years left to run on a 15-year lease from 2016, at a passing rent of €182,500 per annum, and carries a guide price of €2.55 million.

The open plate space, of 6,750 sq ft, is fully let to Moore, an accountancy and advisory services firm which is among the country's top ten audit and accounting specialists. The firm has roots going back to 1970, and employs a team of 130, with offices in Dublin and Cork.

Set near the IFSC, and highly accessible via public transport, Ulysses House's other occupiers include the Dublin College of Advanced Studies (DCAS), BSC Dublin School of English, Tearfund Ireland, Innovista Ireland, RF Property Management, and Carole Nash Insurance Consultants.

There's a passing rent here of €26 psf, vs €50-60psf in the nearby north docks, and the sale price at €2.55m represents a capital value price per square foot of €378.

Colliers director of capital markets, Ms McGarry says the D1 location is excellent, with the redevelopment of the iconic Clery's site in the wings, as well as Hammersons' recently revealed masterplan for Dublin Central, at O’Connell St / Moore St "which will greatly enhance the general vicinity of the north inner city". 

"The long-term secure income from a top-quality tenant will appeal to domestic and overseas buyers," she says.  "The acquisition is a great opportunity to acquire a good quality office investment in the CPD in a well-managed, modern building."

 

DETAILS: Colliers 01 6333738.