Number 1 Custom House Plaza is 60% occupied and generating €558,000 in net income per year
1 Custom House Plaza is near both Connolly Station and Dublin Arch, a major mixed-use development being pursued by developer Sean Mulryan's BallymoreAgent Cushman & Wakefield is guiding a price of €17 million for number 1, Custom House Plaza, a high-profile office investment in the IFSC .
The property, adjacent to the rear entrance of Connolly train station and close to the site of Dublin Arch – the much-anticipated, major mixed-use development being pursued by developer Sean Mulryan’s Ballymore – is the most prominent of the six buildings within the wider Custom House Plaza scheme. Number 1 extends to 3,863.74sq m and is fitted out to a high specification.
The block, which has multiple tenants, is 60 per cent occupied and is generating a gross income of about €951,000 per annum from three tenancies. The net operating income, after allowing for current landlord void costs is about €558,000 per annum. The tenant line-up includes Zellis, a leading provider of payroll and HR solutions and Kaseya, an American IT and security management multinational. Combined they offer a weighted average unexpired lease term of about 4.
There is potential for the new owners to grow their income return through the letting of the remaining vacant space, which extends to 1,540.33sq m and includes 21 car parking spaces. Excluding car parking, the current passing office rents reflect an average rate of €371.35 per sq m , well below the neighbouring rental levels within the wider Custom Plaza scheme.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Number of new cars licensed in August jumps year on yearA total of 11,328 new private cars were licensed here last month
Read more »
Rise in number of families unable to heat their homes in 2022Ireland is in the mid-range of EU countries when it comes to fuel poverty
Read more »
Homeless charity says number of people it supported doubled in 2022Depaul assisted more than 7,400 people last year, with a quarter reporting substance use issues
Read more »
RTE's Emer O'Neill welcomes baby number three with husband SeanThe teacher and broadcaster took to Instagram to reveal she welcomed a gorgeous baby girl last week and shared some beautiful photos of her family meeting the new arrival
Read more »