€75m for 70pc of McCann FitzGerald's Dublin HQ
Published 30/04/2015 | 02:30
Savills have been retained to sell a majority stake in the Riverside1 office block on the quays in Dublin.
The agents are guiding €75m for a little more than 70pc of the block, which is currently occupied by law firm McCann FitzGerald.
The overall investment is generating a rent of €5.15m per annum. This passing rent can be analysed as €45 per sq ft which, given the recent occupational improvements, can be redone almost immediately claimed the agents.
The lease offers investors an unexpired term of in excess of 16 and a half years.
"The level of income security is unprecedented amongst recent office investment activity," Savills claimed.
The asset has upward-only rent reviews every five years.
Leases granted since 2010 are drawn on open market rent reviews.
The next rent review is in October 2016. That offers investors "an ideal opportunity to benefit from the rising rents of the office market," the agents claimed.
The building was constructed by John Sisk and Son on behalf of the partners of McCann Fitzgerald. It was designed by Scott Tallon Walker Architects and construction was completed in 2006. The corporate headquarters style firm extends to approximately 110,000 sq ft of Grade A office accommodation set over seven floors. There are also 58 basement car parking spaces.
This is the latest in a string of docklands office blocks to go on the market in recent months, althought this is among the first to be fully occupied.