A modern freehold office building located in Dublin’s central business district, a stone’s throw from Baggot Street, has come to the market guiding €18 million.
Fleming Court is a modern, high-quality and versatile office building extending to 29,380sq ft over five floors, with 16 secure surface car spaces, bicycle spaces and shower facilities.
Now its current owner, who is located overseas, is looking to dispose of the property, and has appointed selling agent TWM to handle the sale. TWM is guiding €18 million for the property, reflecting an underlying capital value of €613 per sq ft. According to TWM, with prime office values in the location reaching close to €1,200 per sq ft, Fleming Court offers investors “great capital growth potential”.
The property has some €883,000 in contracted income a year, with the potential to grow this to about €1.45 million when fully let.
Michele Jackson of TWM says that fully let central business district office investments of this size are in strong demand from both domestic and overseas institutional investors, and thus the investment opportunity offers “significant upside and attractive exit options in the short term”.
The building has three vacant suites, which are currently being refurbished and are available to let. According to Jackson, these are in the “high demand” bracket of 1,500sq ft to 5,500sq ft.
In addition, the building has the potential for a least one additional floor to be added (subject to planning).
“For a new owner the ability to drive values through these asset management initiatives offers significant upside,” says Jackson.
An example of a recent 2021 letting in the building is CSC Capital Markets, a services provider to the financial services industry. While the company was already in the building, it was looking to expand, and did so at a rent of €50 per sq ft.