Investors snap up offices in Dublin and Cork
The Cork sale saw two dozen inquiries on a recently redeveloped and double-tenanted 5,390 sq ft building on the Douglas Road, by St Finbarr’s Hospital.
It was developed by Monti Consulting, who bought it for €700,000 and who secured a Tesco Express, plus a pharmacy, on new leases, producing an annual rent of €103,000. It was sold by John Downing, of Downing Commercial.
Meanwhile, in Dublin, the Bank of Scotland Iveagh Collection portfolio of Dublin 2 office buildings has netted c €33m, headed up by the €13m paid for No. 46, St Stephen’s Green. Buyers of the four buildings were individual investors, comprising IPUT, Knight Frank Investment Managers and a private Irish investor.
The 100%-let office portfolio, earning €2.05m pa and with over 62,000 sq ft, went to market in March, via CBRE and included No. 46 St. Stephen’s Green, Molesworth House, Verschoyle House, on Lower Mount Street, and Pembroke House, on Upper Pembroke Street.
IPUT are the buyers of No 46, St. Stephen’s Green, with 14,160 sq ft, earning €532,000 and let to MCAP Europe Ltd, Apollo Aviation Management Ltd, The Housing Finance Agency Ltd and Comgest. Yield is 6.57%.
Knight Frank Investment Management paid €4.6m for Molesworth House (earning €244,000 pa) and €7.4m for Verschoyle House (earning €782,00 pa), as part of their first purchase in Ireland.
Pembroke House has 21,000 sq ft, plus eleven parking spaces, has a rent roll of €500,00 pa, and was bought by Davy Property for €7.9m, an initial yield of c 6%.
“There was a strong level of interest in the Iveagh Collection. The sale of this portfolio reinforces the demand in the marketplace from local and international investors for prime, city centre offices in Dublin 2,” said Willie Norse, of CBRE
* Details: Downing Commercial 021-4271000; CBRE 01-6185500
CONNECT WITH US TODAY
Be the first to know the latest news and updates
