Bryan S Ryan’s office and building sold for €4.8 million
By Aideen O'Flaherty
AN OFFICE and warehouse building on Main Street in Tallaght has been sold to a private investor within the region of the property’s guide price of €4.8m.
The premises, which houses Bryan S Ryan’s offices, is adjacent to the headquarters of Lidl Ireland and consists of both office and warehouse accommodation.
Lynda Gordon of Lisney handled the sale of the investment, and said that the property had attracted some interest and that several parties had viewed the property.
The building is recently refurbished and fully let, producing a rental income of €453,600 per year with an average unexpired lease term of more than eight years.
The property has a gross internal area of 2,555.36 sq. m, which houses tenants including Bryan S Ryan, the Health Service Executive and the Dublin and Dun Laoghaire ETB.
Bryan S Ryan pay €272,600 rent for 1,373.90 sq. m, the HSE pay €84,000 rent for 404.82 sq. m and the Dublin and Dun Laoghaire ETB pay €97,000 rent for 776.64 sq. m.
Bryan S Ryan has a lease set until 2026, the HSE has a lease set until 2030, and the Dublin and Dun Laoghaire ETB has a new ten-year lease.
Bryan S Ryan occupies the front of the property in two-storey office and warehouse accommodation, the HSE occupies a two-storey office premises while the ETB occupies a single-story building which is in use as an adult education centre.
Part of the property underwent redevelopment in 2000, which included refurbishment works on a new façade and the erection of a new warehouse and office building.