Sale of Millbank House offers purchaser 6.44% net initial yield and potential for 12.4% reversionary yield
in South Dublin, to appeal to what it terms as “opportunistic buyers in the current market”.
Located on Arkle Road, the subject property, which is occupied by two tenants at present, is being offered to the market at a guide price of €3.9 million. Should a sale proceed at that level, the purchaser would stand to secure a net initial yield of 6.44 per cent after allowing for standard purchaser’s costs of 9.96 per cent and a low capital value of €170 per sq ft, which is substantially below the building’s replacement cost.
Millbank House comprises a four-storey, over-basement office building extending to a gross internal area of 22,848sq ft, along with 40 basement car-parking spaces. The building has open-plan floor plates which range in size from 4,000sq ft to 5,500sq ft. The building is currently occupied by two tenants. Pro Rugby Championship DAC, acting as general partner of Pro Rugby Championship LP, hold a 10-year lease from 2017, expiring in December 2027. The passing rent in this case is €141,480 per year. The second tenant, Mundipharma Pharmaceuticals, hold a 20-year lease from 2007 expiring in October 2027. The passing rent here is €134,875 per year . The weighted average unexpired lease term is just more than four years.
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