Savills are delighted to bring to the market a prime office investment in Limerick City Centre currently occupied by the Revenue Commissioners.

River House Charlotte Quay, is a prominent five storey office building constructed in the 1980’s, fronting onto Charlotte’s Quay with private car park to the rear. 

The property is located in Limerick City Centre close to O’Connell Street and Patrick Street and within walking distance from Arthur’s Quay Shopping Centre and Multi Storey car park.

The surrounding area is predominantly commercial based with a number of high profile adjacent occupiers including Deloitte and VHI.

The property comprises an attractive red brick & concrete façade with glazed ground floor offices and central feature window.

All floors are accessible from an attractive fully tiled lobby area, with two passenger lifts serving all floors.

The total floor area of River House is approximately 3,307 sq.m. (Approximately 35,600 sq ft).and has the benefit of 17 adjacent parking spaces included in the demise.

The property has been occupied by the Revenue Commissioners since the 1980’s and they have recently renewed their lease. 

• The entire property is let to the Office of Public Works under a 10 year Full Repairing and Insuring lease.
• The current income is €345,320 and rises incrementally each year up to 2016 to  €370,952 per annum.
• The tenant has a break option in 2018 and 2020.

In an asset class where there is strong demand at present the agents are guiding €3,300,000 exclusive which reflects an initial yield of 9.8% on a recently renewed lease providing a very competitively priced office investment in the heart of Limerick City Centre.