Agent Avison Young is guiding a price of €3.2 million for Riverbank House, a high-profile office block at the junction of Ringsend Road and South Lotts Road in the South Docks area of Dublin 4.
The subject property comes for sale fully let to a single tenant at a rent of €245,000 per annum along with redevelopment potential for residential or mixed-use, subject to planning permission.
Riverbank House currently comprises a three-storey office block extending to 586.21sq m (6,310sq ft), with eight secure surface car-parking spaces, on a prominent corner site of 0.075 hectares (0.19 acres), leased until 2025 at a rent of €245,000 per annum.
This sale offers the opportunity to acquire a well-let city centre office building, producing secure rental income of €245,000 per annum
— Brendan Cronin and Fergal Burke, Avison Young
The subject site is zoned “Z1 – Sustainable Residential Neighbourhoods” and McCrossan O’Rourke Manning Architects have carried out a feasibility study on the site (subject to planning permission) proposing the development of a six-storey, predominantly residential scheme, with retail and commercial at ground-floor level. The proposed scheme comprises 28 apartments together with 307sq m (3,305sq ft) of ground floor retail/commercial space.
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The South Docks area is home to numerous of the world’s leading tech companies, most notably Google. The subject property is positioned on the eastern edge of Grand Canal Dock, the location for major occupiers such as Accenture, Airbnb, Indeed, JP Morgan and State Street. The Ringsend area is served by a good selection of shops, cafes and restaurants, has excellent public transport links, and is within walking distance of the city centre. The South Docks is now an integral part of Dublin’s central business district with landmarks such as the Grand Canal Dock and the Bord Gáis Energy Theatre.
Brendan Cronin and Fergal Burke of Avison Young say: “This sale offers the opportunity to acquire a well-let city centre office building, producing secure rental income of €245,000 per annum until at least January 2025. The €3.2 million guide price offers purchasers an extremely attractive net initial yield of 6.96 per cent and the potential for significant added value, through future redevelopment.”
