The office blocks at Ashtown Gate
Two Dublin 15 office blocks, in which the Government is the major tenant, have come up for sale at a guide price of €20m. Blocks A&D Ashtown Gate are generating €1,821,689 in combined annual income and agent Fergus Farrell of Savills says this would equate to a net initial yield of 8.20pc.
The larger Block D contributes 72pc of the total income and is let under a single lease to the Government’s Commissioner of Public Works (OPW), with 5.4 years remaining to the break option and 12.4 years to the expiration of the lease.
Block A is leased to the Health Service Executive as office and medical use, and to electricity provider Energia.
The office buildings extend to 70,532 sq ft and 23,150 sq ft, and come with 226 car-parking spaces.
Savills is also willing to accept offers for separate sales and is guiding €15.25m for Block D and €4.75m for Block A.
Situated at the entry to the Ashtown Gate business park, this is a high-profile location facing the N3 roadway.
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