A high quality modern office block alongside three former distillery buildings skilfully converted for office and residential use at Fumbally, Dublin 8, are expected to attract considerable interest when they are offered for sale from today.
Agent CBRE is guiding €24 million for the Markland Group complex which will show an initial yield of 7.25 per cent. New owners will have an opportunity to strengthen the returns by availing of the current growth in rents, leasing space presently unoccupied and renewing planning permission for 16 further apartments which lapsed in 2002.
The current rent roll of €1.7 million can be driven to more than €2 million once the existing vacant space is leased. The present line-up of tenants includes FCR Media, publisher of the Golden Pages, CMC Coal Marketing Company, Infineon Technologies and the Institutes of Technology Ireland.
One of the main selling points is the convenient location of the complex which is only 750 metres from St Stephen's Green at Fumbally Lane, off New Street South.
The immediate area is experiencing considerable redevelopment. Harrison Street Real Estate Capital and Global Student Accommodation are developing a 400-bedroom facility at Mill Street beside Fumbally and only metres away, the Dutch company BAM Property is providing a 202-bedroom hotel, which is due to open at the start of 2018.
The office accommodation across four buildings in Fumbally extends to more than 7,246sq m (78,000sq ft). There are also four two-bedroom apartments on site.
Fumbally Square, a five-storey office block developed in 2007 provides 4,088sq m (44,000 sq ft) of grade A office space. Fumbally Studios is a four-storey mixed office and residential building with 453sq m (4,880sq ft) of commercial space and the four apartments.
Fumbally Mews, a three-storey building with stone and brick elevations, has 121sq m (1,300sq ft) of office space which was completely refurbished. Fumbally Court is on the opposite side of Fumbally Lane and has a mix of self-contained offices of 2,694sq m (29,000sq ft). The development also includes a basement car park with 55 spaces accessed from New Street South.
