Savills has been instructed on behalf of Joint Receivers, Luke Charleton and Andrew Dolliver of EY-Parthenon, to market the property which is let in its entirety to Byrne Wallace
Savills has placed 87-88 Harcourt Street, Dublin 2 on the market with a guide price of €45 million. The investment offers purchasers the opportunity to acquire a prominent office building in a prime Dublin CBD location.
The guide price at €45 million reflects a net initial yield of 4.85% (after standard purchasers’ costs) and €844 per sq ft.
87-88 Harcourt Street is of distinctive design with a converted Georgian office to the front. The front block, extending to 10,051 sq ft, benefits from extensive frontage onto Harcourt Street and features a unique copper clad roof and granite pillared portico entrance.
Constructed in the early 2000’s, the modern section of the building to the rear, extending to 43,261 sq ft, benefits from exceptional natural light on all floors with views over the renowned Iveagh Gardens. Overall, the building provides 53,312 sq ft of high quality office accommodation.
There is basement car parking for 46 cars which is accessed via a one-way system from Clonmel Street with separate car lifts for access and egress.
87-88 Harcourt Street is entirely occupied by Byrne Wallace – one of Ireland’s largest law firms – on a 25 year lease from November 2003 with an expiry in November 2028. The lease includes a break option for the tenant in November 2023. If the break is not exercised, the lease is subject to an upward only rent review. The passing rent equates to €44.39 per sq ft (excl. cars) which provides an incoming purchaser with genuine future rental growth prospects.
The building also has potential for expansion, with a feasibility study recently undertaken identifying the possibility to add two additional floors to the rear block and extending the existing 4th floor for an additional Net Internal Area of 1,375 sq m (14,800 sq ft) plus a roof top garden.
Fergus O’Farrell of Savills commented:
“87-88 Harcourt Street presents an exciting opportunity for investors to acquire a prime and unique office investment of scale in Dublin’s city centre.”
87-88 Harcourt Street is located in Dublin’s Central Business District. The building sits equidistance between St Stephen’s Green Luas stop and Harcourt Street Luas stop, both 300m away. St Stephen’s Green and Grafton Street – Dublin’s prime shopping thoroughfare – are also a short walk away.