Investments
Ref 207154

Percy Exchange

Percy Place
Dublin, D04 P5K3

For sale€4.300.000
Size37.382 ft² / 3.473 m² (approx. 350 desks)

Summary

High quality, CBD office investment opportunity, for sale by Private Treaty
(Tenants not affected)

  • A unique opportunity to acquire a 24.09% interest (by long lease) in a core CBD office investment.
  • 5 storey over basement office building extending to 3,473 sq m (37,382 sq ft).
  • 100% occupied with income secured to excellent tenants including Ogier Leman, Clark Hill, Bridge Consulting and Axway.
  • Net operating income €1,944,271 p.a of which €468,375 pa is attributable to the 24.09% interest.
  • Unexpired lease term of 9.6 years to expiry (3.4 years to break).
  • Excellent connectivity being in close proximity to the DART, Luas and Dublin Bus.
  • Provides 50 car spaces offering exceptional car parking ratio of 1 per 69.5 sq m.
  • Guide price: €4.3 m reflecting a net initial yield of 9.91% assuming standard purchaser costs of 9.96%) and a low capital value of €477.50 per sq ft.

Description

Percy Exchange comprises an impressive five storey over basement office building, extending to 3,473 sq m
(37,382 sq ft).

The building is of traditional construction, with partial red brick, glazed and metal panel façade. The Grade
A office accommodation provides bright and efficient floor plates with stunning views onto the Grand Canal.

Internally, the ground floor provides a reception with seating area and office accommodation split over
two wings, left and right off the reception.

The office accommodation generally provides a mix of open plan and cellular offices. Within each floor, there is a lift lobby providing 2 no. 10-person-passenger lifts and a separate toilet core.

A communal car park is located at basement level and is shared between the occupants of Percy Exchange and the residents of two adjacent apartment developments. Vehicular access is provided via a one-way system with entry via the north-east side of the property, and the exit from the car park south-east side of the property. The subject property benefits from 50 car parking spaces. Bicycle storage is located within the underground car park.

General Specification includes:

Raised access floors
Plastered and painted walls
Suspended ceilings
A mix of LED lighting, spot lighting and recessed fluorescent lighting
Air conditioning
2 x 10 passenger lifts


Building Energy Rating: C3

Building Energy Rating

Building Energy Rating C3

Location and Transport

Percy Exchange is centrally located within Dublin’s Central Business District and is situated on the northern side of Percy Place and backs onto the Grand Canal.

The area is regarded as one of the city’s finest office locations and has benefited from a number of redevelopment and refurbishment projects in recent years. This has served to further bolster the areas impressive list of blue-chip occupiers who include Amazon, Linkedin, Google, Bank of Ireland, Sky, Willis Mitsui and Macquarie amongst others.

The central location offers a host of amenities including restaurants, cafés, shops, hotels and gyms, catering to the needs of both commercial and residential occupants.

The property is within a short walking distance of The Aviva Stadium, St. Stephen’s Green, and Grafton Street.