A private Asian investor has paid just over €7m to acquire Communication House on Barrow Street in the heart of Dublin’s ‘Silicon Docks’ area.
James Loughnane of TWM advised the purchaser on the transaction which closed shortly before Christmas. Clive Roche of Cushman & Wakefield advised the vendor.
Communication House is a modern, three-storey over-basement office building extending to approximately 9,636 sq ft with 17 car parking spaces at basement level.
Situated on the east side of Barrow Street, the property is well served by an abundance of services and amenities including restaurants, cafes, pubs and shops, and the well-known Grand Canal Hotel.
Google’s European headquarters is located on Barrow Street, while other major business occupiers in the immediate area include the blue-chip law firm, Mason Hayes & Curran, and leading international consultants, Accenture.
While Communications House is fully let on a 25-year, upwards-only, full repairing and insuring (FRI) lease from 1999 to Imagine Telecommunications Business Ltd, it is currently unoccupied.
Imagine (formerly International Telecommunications Ltd) is paying a passing rent of €419,631 per annum for the premises, with a rent review due in January 2019. It is understood the sale price of just over €7m equates to a net initial yield of approximately 5.5pc and a capital value of €730 per square foot.