IWI buys building in Bray for €10m

A building at Bray Civic Centre, let to the OPW in Wicklow, has been bought by equity group, Ireland World Investments (IWI), for €10m.

IWI acquired block D for private clients in an off-market deal with investment/equity group, Evans Randall. Just off Main Street, Bray Civic Centre is an accessible, mixed-use development. Block D is a three/four- storey office block over basement parking, and is part of a commercial and residential development (occupiers include Bray County Council Offices, the HSE and a community arts centre).

Rent-roll at block D is €1.03m. It has 80 car-parking spaces, and 75% is let to the OPW and Courts Services.

Meanwhile, in south Dublin, Friends First Property Fund has acquired the majority stake in the Blackrock Shopping Centre, having already controlled 34% through an internal fund. Via the fund, it has acquired the remaining 66% off-market, from Musgrave Operating Partners Ireland/SuperValu. The shopping centre, with adjacent offices, has €5m-plus rental income. Based on the acquisition price, it shows an overall initial yield of 9.3%.