Harcourt Street 76 78 - For Sale Prime Dublin 2 Office Investment - Savills
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76 - 78
Harcourt Street
For Sale
Prime Dublin 2 Office Investment
76 - 78
Harcourt Street
High quality office
investment with
100% State-backed
income for sale by
Private Treaty
(Tenant not affected)
2 3
76 - 78
Harcourt Street
Investment Highlights
Prime Dublin 2 office block extending to
2,317 sq m (24,940 sq ft)
Single let to the Office of Public Works on a FRI
lease from January 1982 with expiry in January 2027
Rental Income of €1,010,000 per annum equating
to €37.74 psf with good reversionary potential
Unexpired lease term of over 6 years with
next rent review in 2022
Site area of 0.27 acres (0.11 hectares) with
long-term redevelopment potential
IVEAGH GARDENS
76 - 78
Harcourt
Street
Overlooking the Iveagh Gardens to the rear
Secure lower ground level car parking with
76 - 78 Harcourt Street 24 spaces
presents an opportunity HARCOURT STREET
to acquire a prime office
Centrally located in Dublin’s Central
investment with 100% GREEN LINE
Business District
Government income for
over 6 years.
2 minute walk from Harcourt Luas Stop
4 5
76 - 78 Harcourt Street
Location
The property is centrally located in Dublin 2, approximately
200m from St Stephens Green and 800m from Grafton Street,
Ireland’s prime retail destination. This is a well established office
location with occupiers including KPMG, Mazars, Dropbox,
Ernst & Young, Aviva and Deloitte all in the immediate vicinity.
Harcourt Street is parallel to Camden Street / Wexford Street
which provides a diverse mix of cafés, restaurants and bars, and
making it a very desirable office location.
The property is very well serviced by public transport with a
combination of bus, light rail and rail routes close by. Harcourt
Street Luas stop is located 150m to the north of the property
offering connectivity between north and south Dublin. There
is a Dublin Bus Stop located 200m away with multiple bus
routes to north, south and west Dublin. Pearse Street Dart
CHARLE
WESTMORELAN D S T
Station is 1.7km away offering connectivity to the outer Dublin
area. There is also a Dublin Bikes Station one minute from the
TON ST
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property. TOWNSEND STRE
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Description
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Accommodation Schedule
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DAWSO
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The property comprises an office building of approximately
E ST
N PL
QW
AC
KIN
2,317 sq m (24,940 sq ft) arranged over lower ground and
AR
E
S
G ST
ION
STREET
SOU
KILD
OW
T H
five upper floors. Developed in the 1980s, the property has We have set out hereunder the Net Internal Area of the property:
RR
’S R
T
ME
NS
MERRION
NT
a Georgian style façade and forms part of a striking terrace
AUNGIER
LUAS ST STEPHEN’S GREEN
TA
A
SQUARE
GR
ME
Floor Sq m Sq ft
AT
ST S RR
of Georgian buildings fronting onto Harcourt Street. To the
ER
GR
T T EP
PETE R S IO
ET
ST
HEN NS
P
T
UP
MERCER STRE
QU
AS
WE
’S G
YO RE AR rear, the building overlooks the beautifully maintained Iveagh
QE
RK
ST
E E
Fourth 119.9 1,291
EN
ST NN SO
NS
ION
OR UT
Gardens.
RE
TH H
IO
TH
’S G
FIT
RR
RR
Z
U
WI
EN
Third 519.8 5,595
ME
ME
SO
CUFFE LN
BISHO P ST LLI
A ST E
The building is of traditional construction with solid load
PH
ML
W
AST
ST STEPHEN’S GREEN AN PH
RO
STE
E EN
’S L
NE
bearing masonry walls. The internal specification comprises of:
W
N
ST
Second 519.3 5,590
NE
REE
KEVI N STREET
ST S
’S G
T
TEP
AS
HEN • Manned reception and CCTV surveillance First 518.9 5,585
EN
TE
FUMBALLY LN ’S G BA
SS
ET
PH
REE
OUTH
GG
• 1 x 13-person passenger lift and 1 x 8-person passenger
TRE
ME
STE
N O TS
JA
Ground 519.0 5,586
ES
TR
ST
lift serving all floors
TS
MONTAGUE ST
SQ
OK
MALPAS ST
CAMDEN ROW
76 - 78
NEW S
EE
RT
BR
Y STREET
• Fluorescent recessed lighting
TL
E
Lower Ground 120.1 1,293
PEM
RB
Harcourt
OW
HE
ER
Street • Raised accessed floors
T STREET
E
CAMDEN STR EET
Total 2,317 24,940
E
HEYTESBUR
AC
RAC
R
PL
• Mineral fibre ceiling tiles with a suspended ceiling grid
WE
T
ER
T TER
LO
ARNOTT ST
RB
LN
• Floor to ceiling heights of 2.7m in main block
OUR
ST
HE
IVEAGH Tram Car-Parking Spaces 24
SFOR
LAD
T
SIL
EE
GARDENS
HARC
AS
• Predominantly naturally ventilated with part
STR
E
Dublin Bus
BR
EARL
IAM
EST
LOMBARD ST W
air-conditioning
CLAN
HATCH STREET A copy of the full Measurement Survey will be made available on the data room.
LE
U
ILL
PPER Dublin Bike
SS
All prospective purchasers are specifically advised to satisfy themselves as to the
ZW
• Heating via gas fired boiler
O
OVOCA RD
NS
FIT
LUAS HARCOURT STREET DART Rail measurements provided. Please note the floor areas for rent review purposes are
TR
• Male, female and accessible WCs on each floor set out in the lease and total 24,535 sq ft.
E
ET
HARRINGTON ST
AR ROAD
SOU TH CIR CUL
CH
AR
6 7
L
EM
VICTOR
EN
BLO O
AVE
LN
TS
TR
AVIVA STADIUM
CONVENTION CENTRE
GRAND CANAL SQUARE
PEARSE STATION
MERRION SQUARE
LINKEDIN
TRINITY COLLEGE DUBLIN FITZWILLIAM SQUARE
GOLDMAN
SACHS
DAWSON STREET
AERCAP
MAPLES
ST STEPHEN’S GREEN ARTHUR COX
GRAFTON STREET GREEN LINE
DELOITTE
IVEAGH GARDENS IDA
76 - 78
ST STEPHEN GREEN BANK OF AMERICA DROPBOX
Harcourt Street MERRILL LYNCH
INDEED KPMG INVESTEC
BDO IRELAND BANK OF CHINA AVIVA BLOOMBERG
BYRNE WALLACE
HARCOURT STREET MAZARS
GREEN LINE
SANTANDER EY
BANK
GARDA
HQ
8 9
76 - 78 Harcourt Street
Floor Plans
LG
Lower Ground
Floor
76 - 78 Harcourt Street
G is a Prime Dublin 2 office block
extending to 2,317 sq m (24,940 sq ft)
on a site of 0.27 acres (0.11 hectares)
Ground/Typical
Upper Floor
4
4th Floor
10 11
76 - 78 Harcourt Street
Tenancy Information
The property is let to the Commissioners of Public Works
Ireland (known as the Office of Public Works or OPW) under
an original 35-year FRI Lease from 15th January 1982 which
was extended for an additional 10 years by Deed of Variation
in January 2017.
The Deed of Variation amended the rent review provision to
allow for an open market (upward/downward) rent review in
January 2022 subject to a cap and collar of +/-10%.
The current passing rent is €1,010,000 per annum
(€37.74 psf) with the next rent review date being on
14th January 2022. The lease expiry is 14th January 2027. Office & Investment Markets
Office Occupational Market Investment Market
The first quarter of the year saw strong activity totalling 1.1 For the first half of 2020 overall investment volumes were
Covenant million sq ft with 618,430 sq ft of that occurring in the City
Centre. Unsurprisingly, Q2 saw take-up fall to 102,600 sq
approximately €1bn from 74 separate transactions. Of this
total, €626m (61%) was deployed into the office sector and
ft. However, with restrictions gradually easing the occupier 4 of the 5 largest deals were offices. The healthy demand
The OPW is an Irish Government agency market has already seen some signs of recovery. for the sector from both Irish and International investors has
whose primary function is to support the ensured prime office yields have remained stable.
implementation of Government policy in the As of June 2020, Savills estimated that office demand
disciplines of Flood Risk Management, Estate was around 4.3 million sq ft with 640,000 sq ft of new The positive trend for offices has continued into Q3 with a
Management and Built Heritage. It is overseen requirements registered since the lockdown commenced in number of further substantial investment transactions taking
by the Minister for State at the Department of March. The vacancy rate in Dublin remains low at 8.3% of place and we expect to see a continued focus on secure
Public Expenditure and Reform. total stock and tightens further in the CBD and South Docks income opportunities going forward.
where it was 6.6% in Q2 2020. Prime headline rents in
Dublin are stable in the range of €60-65 psf. Ultimately, Covid-19 has had an impact on market volumes
however, in an era of continued ultra-low interest rates,
Notably, for buildings such as 76-78 Harcourt Street, lettings Ireland is likely to retain its relative attractiveness as an
for space of less than 25,000 sq ft have accounted for close investment location underpinned by strong occupier
to 90% of the deals in the Dublin market each quarter since markets, favourable demographic profile and well-established
2014. The current vacancy rate of space this size in the CBD international trade links.
is very low at 4.9%.
Notable Office Investment Transactions (2020 YTD)
Property Date Price WAULT Income Yield Cap Val psf
76 - 78 Harcourt Street 2 Burlington Road, Dublin 4 Q3 2020 €94 m 6.7 yrs 4.32% €1,102
is single let to the Office of Public 30-33 Molesworth Street, Dublin 2 Q3 2020 €59.5m 6.8 yrs 3.60% €1,045
Works on a FRI lease from January
Bishops Square, Kevin Street, Dublin 2 Q2 2020 €181.5 m 10 yrs 4.01% €993
1982 with expiry in January 2027
Blocks 4 & 5, Harcourt Centre, Dublin 2 Q1 2020 €54 m 4.2 yrs 5.09% €943
One Hatch Street, Dublin 2 Q1 2020 €35.1 m 9.7 yrs 4.01% €1,204
12 13
76 - 78
Harcourt Street
Further Information
Title
Freehold
Data room
76-78HarcourtStreet.com
Viewings
All viewings are strictly by appointment.
For the avoidance of doubt please note that this is an investment
sale and the tenant is unaffected.
BER Rating
Further Information
Interested parties will, at the vendor’s discretion, be provided
with access to a dedicated Data Room.
Contacts
Selling Agent
Fergus O’Farrell
+353 (0)1 618 1311
Fergus.OFarrell@savills.ie
Declan Sexton
+353 (0)1 618 1336
Declan.Sexton@savills.ie
Savills Róisín Lenehan
33 Molesworth Street +353 (0)1 618 1768
Dublin 2 Roisin.Lenehan@savills.ie
Solicitors
John Williams
+353 (0)1 649 2120
jwilliams@algoodbody.com
The agents and the Vendor/Lessor give note that the particulars and information contained in this brochure do not form any
part of any offer or contract and are for guidance only. The particulars, descriptions, dimensions, references to condition,
permissions or licences for use or occupation, access and any other details, such as prices, rents or any other outgoings are for
guidance only and are subject to change. Maps and plans are not to scale and measurements are approximate. Whilst care has
been taken in the preparation of this brochure intending purchasers, Lessees or any third party should not rely on particulars
and information contained in this brochure as statements of fact but must satisfy themselves as to the accuracy of details
given to them. Neither Savills nor any of their employees have any authority to make or give any representation or warranty
(express or implied) in relation to the property and neither Savills nor any of their employees nor the vendor or lessor shall
be liable for any loss suffered by an intending purchaser/lessees or any third party arising from the particulars or information
contained in this brochure. Prices quoted are exclusive of VAT (unless otherwise stated) and all negotiations are conducted on
the basis that the purchasers/lessees shall be liable for any VAT arising on the transaction. All maps produced by permission
of the Ordnance Survey Ireland Licence No AU 001799 © Government of Ireland.
Designed and produced by Creativeworld. Tel +353 1 447 0553.
14 15
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