Stand alone, modern office building in a campus environment”
Dublin, September 9th 2016 – Colliers International has been instructed to sell Millbank House, Millbank Business Park, Lucan, Co. Dublin.
Millbank House comprises a modern two storey stand-alone office building within Millbank Business Park, Lucan, Co Dublin. The building extends to approx. 758.6 sq m (8,166 sq ft) (GIA) with 16 designated surface car parking spaces. The property is in excellent condition having been finished and maintained to a high standard, with a modern fit out to include air conditioning and a lift.
The building is generating a rent of €71,000 per annum from two tenancies. The ground floor is leased to De-Jay Alarms Limited by way of a ten-year lease with a commencement date to coincide with the completion of the sale. There will be a mutual break option at the end of year five. The rent will be €41,000 per annum. The first floor is let to John P. Burke & Co. t/a Jaguar Capital Group Limited on a five-year lease from October 2012 at a rent of €30,000 per annum.
The property is located in Lucan on the Lower Liffey Road, just north of the River Liffey in Millbank Business Park. The Park is well positioned just 300 m from Lucan town centre and enjoys all the amenities a busy satellite town has to offer. The subject property enjoys a high profile position at the entrance to the park which is highly accessible, enjoying close proximity to both the N4 / M4 and just 4 km from junction 4 of the M50 motorway. Transport links are excellent with a number of quality bus routes, to and from the city centre, serving Lucan town centre just a few minutes’ walk from the property.
Stephen Conway who is handling the sale notes that “this is an opportunity to acquire a modern office investment in an attractive business park setting. An incoming purchaser will have the option to substantially increase the rent roll on review / expiry”.
Colliers International are quoting excess €850,000 which equates to a NIY of 8%.
For further information, please contact:
Tel: + 353 1 6333700