Department of Justice HQ on the market for €20m
The current Irish Department of Justice Headquarters is coming up for sale, with an asking price of €20m.
The building, which was originally a Methodist Centenary church is being offered for sale through Savills, on behalf of the investment management group SW3 Capital.
In its present state, four-storey over basement building comprises of office headquarters with pillared listed façade and a modern office extension to the rear. Also included in the sale is a Townhouse Residence immediately adjacent, which fronts onto St Stephen’s Green.
Today the entire property extends to an overall floor area of 2,067 sq m (22,245 sq ft).
The property, including the Townhouse is let to The Commissioners of Public Works in Ireland under two co-terminus leases and is currently occupied by the Irish Department of Justice. The current annual rent being paid by the state is just over €1m.
The asking price of €20m reflects a current initial yield of close to 5% and a capital value of €899 per sq ft.
Dessie Kilkenny of Savills said: “This is certainly one of the most exciting asset management opportunities, in a truly prime district, to have ever been offered for sale in Ireland.
“The benefit of strong state income, coupled with the prospects of an upgrade project in the near future are extremely rare in this type of location.
“I expect the prestige and history associated with the property will draw an array of investor types, owner occupiers and developers to consider the opportunity.”
