Advisor Savills has been instructed on behalf of joint receivers, Luke Charleton and Andrew Dolliver of EY-Parthenon, to market the 87-88 Harcourt Street office property which is let in its entirety to law firm Byrne Wallace.
The guide price at 鈧�45 mln reflects a net initial yield of 4.85% (after standard purchasers鈥� costs).
Constructed in the early 2000鈥檚, the building provides 53,312 sq ft of office accommodation. There is basement car parking for 46 cars.
87-88 Harcourt Street is entirely occupied by Byrne Wallace 鈥� one of Ireland鈥檚 largest law firms 鈥� on a 25 year lease from November 2003 with an expiry in November 2028. The lease includes a break option for the tenant in November 2023.
The building also has potential for expansion, with a feasibility study recently undertaken identifying the possibility to add two additional floors to the rear block and extending the existing 4th floor for an additional Net Internal Area of 1,375 sq m (14,800 sq ft) plus a roof top garden.
