Colliers International Ireland News

DEAL: Office block at EastPoint sells for €2m

30.11.2011

Block W, a three-storey, self-contained detached building on the west side of the business park located in the Dublin docklands, has been sold to a private investor.

One of the first office blocks completed at EastPoint Business Park in the Dublin docklands has been sold to a private investor for about €2 million.

The building has been owned for the past 10 years by a group of businessmen who were in a position to avail of tax breaks.

Savills and Colliers International handled the sale of the three-storey, self-contained, detached building, known as Block W, on the west side of the park. It has a gross internal area of 2,221 sq m (24,000 sq ft) and is fitted out with air conditioning, raised access floors, suspended ceilings, partitioned offices and meeting rooms. There are 35 car-parking spaces on site.

The new owner can expect to rent the building at about €107 per sq m (€10 per sq ft) with car spaces likely to make an additional €1,000 a year.

Meanwhile, Google is understood to be considering renting another building in the park, Block P, which was recently vacated by Yahoo.

It has a floor area of about 2,972 sq m (32,000 sq ft).

EastPoint has continuously attracted new tenants over the past three years when other parks in the Dublin area have been suffering as a result of companies going out of business.

More than 12,000 sq m of office space was let in the past 18 months to companies including Google, Yahoo, Ergo and Pacemetrics. Other leading tenants include Quintiles, Oracle and Microsystems.