Molyneux House, a well located office investment close to St. Stephen’s Green is being offered for sale by Savills with a guide price of €8,500,000, representing an attractive net initial yield of 11.69% after standard purchaser’s costs.
Molyneux House, a well located office investment close to St. Stephen’s Green is being offered for sale by Savills with a guide price of €8,500,000, representing an attractive net initial yield of 11.69% after standard purchaser’s costs.
Molyneux House is a distinctive office building incorporating a converted church building and an integrated modern extension providing 2,386 sq. m. (25,683 sq. ft.) of modern office space with 17 car parking spaces. Designed by notable architect Sam Stephenson, and originally housing his architectural practice, the building offers good- quality unique office space in close proximity of the St. Stephen’s Green area.
Situated on Bride Street, on the south side of Dublin City Centre, the property is located close to St. Stephens Green in Dublin 8. Neighbouring occupiers include Dublin Institute of Technology, Aviva and Bank of Ireland.
The property is fully let to RSM Farrell Grant Sparks, a leading Irish audit, tax and advisory firm. The lease is on full repairing and insuring terms, for 25 years from 2003, with a tenant break option in 2018. The sale of the property has no impact on the firm which continues to have increased fee growth from its international affiliation within the RSM network which is the 7th largest Accountancy network worldwide.
Marguerite Boyle, of Savills Investment says, “We are pleased to offer this high- yielding office investment to the market. Given the excellent passing income, improving office occupier market and investor appetite for office buildings in Dublin City Centre we anticipate the investment will attract considerable Irish and overseas interest in the coming weeks.”