Dublin’s Donnybrook House on the market for €27m - Construction Network Ireland - Construction Network Ireland

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Published in Commercial Property on 05/05/2021

Dublin’s Donnybrook House on the market for €27m

CNI Editor reports

With the gradual reopening of the economy, Savills is beginning to see demand from office tenants return, with the focus on modern, efficient and flexible space in connected locations with high levels of amenities. As a result, Savills expect strong investor interest in the sale of Donnybrook House, a re-modelled five storey office building extending to approximately 66,525 sq ft, coming to the market with a guide price of €27m.

Donnybrook House underwent an extensive Henry J Lyons designed refurbishment in 2018 and now provides for modern office accommodation on the upper floors with a mix of restaurant, café and leisure space at ground and lower levels. The property already benefits from an existing rent roll of €680,000 per annum from high quality tenants such as Mark Anthony Brands, DRES and Raw Gyms. The vacant space in the building is predominantly offices benefitting from an attractive CAT A finish. The ground floor also provides for separate café and restaurant units with excellent profile. With limited vacant office sales in Dublin, the sale presents a unique opportunity for investors at an opportune time given the re-opening of the economy and the associated revival of offices and retail.

Donnybrook and the wider Dublin 4 area is known for its extensive array of amenities including cafes, restaurants and the 32-acre Herbert Park which is on the doorstep of Donnybrook House itself. The area, including Ballsbridge, which is less than a 10-minute walk, was traditionally known as a prestigious residential address however, it is transforming to appeal to some of the world’s biggest office occupiers, bolstered by Facebook’s new European HQ nearby. In the immediate vicinity of Donnybrook House, there are a number of significant co-living, apartment and hotel developments in the pipeline that are set to vastly increase footfall to the area, a huge boost to the letting prospects for the office and retail elements of Donnybrook House.