Joint developers Ballymore and Oxley are to sell No 1 Dublin Landings at the heart of the city centre for €150m — a sale likely to attract pension funds and investors from Europe and Asia.
The Dublin Landings development, which adjoins the recently completed Central Bank headquarters and PWC building, will on completion, extend to over 100,000 sq m.
The vendors say the scheme provides for a comprehensive transformation of one of the largest remaining riverfront blocks in the capital.
The sale of No 1 Dublin Landings gives investors the opportunity to acquire one of the finest office buildings ever developed in the city, says property consultants CBRE, who are advisors on the sale.
The building has been fully pre-let to the National Treasury Management Agency, the State body which provides asset and liability management services to Government.
The letting is for a term of 25 years from practical completion incorporating a tenant break option after 15 years.
The rent is agreed at €50 per sq ft and €4,000 per car space. The total rent is estimated at just over €7m per annum subject to final measurement.
The block, due for completion in the first quarter of 2018, will be finished to the highest international standards, targeting a LEED platinum rating, CBRE advises.
The 10-storey building at No 1 will provide over 13,300 sq m of office accommodation and 44 car parking spaces. The building, which has extensive river frontage, includes a double height entrance with a generous reception hall opening to large glazed atria and lift lobbies.
Internal finishes will include four-pipe, fan coil air conditioning, metal tile ceilings and fully fitted common areas including natural stone floors.
Staff facilities including bike storage, showers and changing rooms will be provided at basement level.
The internal elements will be matched by the external design with focus on the quality of both the buildings and the public environment.
Dublin Landings will include five separate office blocks, on completion.
No 2 Dublin Landings, which adjoins No1, is an eight storey block providing over 8,900 sq m of office accommodation and 28 car parking spaces.
The building, which fronts onto Central Square, is currently at an advanced stage of construction.
The guide price for No 1 building is likely to be in the order of €150m, reflecting an initial return of 4.5%.
Executive director at CBRE, Johnny Horgan said: “It is difficult to remember a core office investment opportunity offered to the market with its combination of quality tenant, building and lease terms.
“This opportunity is likely to appeal to investors already committed to the Irish market, but also new core European and Asian funds”.
Chairman and Group CEO at Ballymore, Sean Mulryan said: “No. 1 Dublin Landings offers investors an opportunity to buy in at the early stage of the transformation of this part of the city centre, giving a real opportunity for growth — underwritten by a lease to the state.
“The building has beautiful proportions and is built with materials that will stand the test of time. Given its prominence on the banks of the River Liffey we think this will be an important landmark building in Dublin for many years.”
John Ryan from the Hotel and Licensed Department at CBRE Ireland said: “The number of Dublin pub properties changing hands in the first nine months of 2017 is down compared to the volume traded in the last three-year period.
“To some extent, an improvement in trading conditions in Dublin is reducing the number of licensed properties that are being offered to the market for sale.
“In addition to the more than €17.8m traded so far this year, four Dublin pubs are currently sale agreed and expected to close shortly. The average sale price achieved in the first nine months of the year was €1.18m.”
Notable Dublin pub properties sold include Boland’s in Stillorgan; JJ’s Smyth’s on Aungier Street; Sandyford House in Sandyford; MacTurcaill’s, Townsend Street and Nash’s in D8.
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