Dublin Docklands' Marker Residences up for sale for €40m
Published 23/04/2014 | 10:38
More than 80 luxury apartments and six commercial units are on the market for €40m in Dublin’s South Docklands.
The Marker Residences, which generates a gross rental income of approximately €2.5m per annum, are integrated with the five-star Marker Hotel on Grand Canal Square.
Savills is selling the development to investors on behalf of the Dublin-based real estate private equity firm Brehon Capital Partners and Midwest Holding.
“We bought this extraordinary development at a time when there was little appetite to invest in Irish residential property and we’ve brought it to life and woven it into the fabric of the Docklands community,” said Kevin McGillycuddy of Brehon Capital Partners.
“Three years on we are very optimistic that there will be a high level of demand from both domestic and international investors looking to acquire a uniquely located asset with an attractive rental yield, high quality tenants and significant growth potential.”
The development comprises 84 two-bedroomed quality apartments over six stories, six fully occupied commercial units at ground floor level and car parking provision for 113 spaces at basement level.
Brehon and Midwest acquired the residences and retail in 2011 as part of the mixed-use complex that includes the award winning Marker Hotel.
They said rental levels for the apartments range from €1,900 to €2,400 per month, producing a gross rental income of approximately €2.1m.
The Marker Residences is also integrated with the luxury Marker Hotel, offering residents the potential to avail of an exclusive preferential membership and giving access to its health spa.
Meanwhile the commercial units produce €275,000 per annum with an unexpired lease term of approximately 8.33 years. Tenants include Lolly & Cooks, Smiles Dental Clinic, KBC bank, GSN Pharmacy and Hanover Medical.
The income is expected to exceed €350,000 per annum once stepped rent for Unit 4a is reached and lease terms for unit 4b currently under negotiation are finalised.
Fergus O’Farrell, of Savills Investment department who is handling the sale, said this is one of the most exciting multifamily sales Savills has brought to the market.
“Given the prime location, 100pc occupancy throughout the development and the size and quantum of high-end luxurious multifamily units on offer, it is anticipated that there will be unprecedented levels of interest in the property,” he said.
“The Marker Residences present an opportunity to become part of Grand Canal Square Dublin’s most salubrious address.”
The area, which has undergone substantial redevelopment, is becoming one of the most appealing urban quarters within the city with global tech giants such as Google, Facebook and LinkedIn setting up home nearby.