An office development on the historic Georgian Mile in Dublin, Fitzwilliam 28, has been placed on the market on behalf of ESB Commercial Properties, with a guide price of €168m.
The sale is being handled by Savills Ireland and Bannon on behalf of ESB Commercial Properties Limited, who anticipate a strong level of interest from European and International Investors.
Slack Technologies have taken a long- term lease of the building and the annual rent roll will be in excess of €7.7m.
The building is one of two adjoining but independent blocks both developed by the ESB.
The sister block to 28, Fitzwilliam 27 will be owner occupied by ESB. Savills said this brings an attention to detail to the development generally not present for a typical developer lead scheme of this nature.
Fergus O'Farrell, from Savills Investment, said that interest remains strong in the Dublin office sector.
"Dublin's strong occupier market and economy, coupled with the quality of this asset and its central business district location, will attract interest from global investors in Fitzwilliam 28," he added.
Rod Nowlan, Investment Director of Bannon, said that as proven by recent lettings to the likes of LinkedIn, Twitter and Stripe, modern offices of scale situated in the traditional city core represent the focus of the current and likely future wave of occupiers.
Meanwhile, four Dublin office investments have been placed on the market by Savills Ireland with a guide price in excess of €50m.
The assets are being offered to the market in one or more lots.
Lot 1 comprises Blocks P1 and P3 in Eastpoint Business Park, Dublin 3 and is guiding in excess of €31m.
Savills said the guide price reflects a net initial yield of 6%, adding that two upcoming rent reviews later this year will provided investors with the opportunity to grow the income to market rent.
Lot 2 comprises Blocks 5 and 9 in Richview Office Park, Clonskeagh guiding in excess of €19m, which reflects a net initial yield of 7.5%.
"This is an excellent opportunity to acquire four fully income producing office investment properties with significant asset management opportunities in established business districts with low vacancy rates," Saviils said.
"We anticipate a strong level of demand from domestic and international investors due to attractive and growing returns from high-quality tenants along with value-add opportunities in the short term," it added.