Monday 27 February 2017

Patrizia swoops for Ballsbridge office complex

Peter Flanagan

Peter Flanagan

The Oval in Dublin has been sold for €140m
The Oval in Dublin has been sold for €140m

The Oval complex in Ballsbridge has been sold in a deal worth up to €140m.

German investment fund Patrizia has agreed terms to by the fully let office block, which has a rent role of €7.4m.

Those numbers mean Patrizia will see a net initial yield of just over 5pc.

The Oval is a luxury mixed use development which faces on to Shelbourne Road in Ballsbridge, Dublin 4.

The property is predominantly made up of grade A office space but includes several amenities as well.

Among those are a Centra newsagent, Starbucks and an Energie Fitness which boasts a 20 metre swimming pool amongst its extensive facilities.

Three separate but connected blocks make up The Oval complex. The block facing onto Shelbourne Road comprises 71,000 sq ft and is let to a number of tenants.

Block 2 has office space of 59.223 sq ft and 50 car parking space. Utility provider Eirgrid occupies that block on a lease due to expire in 2032.

Block 3 meanwhile is smaller at 25,284sq ft. It is let to a number of occupiers and includes retail outlets such as Starbucks. Energie Fitness meanwhile runs a gym in that building as well.

Most of the office space in The Oval is let at around €45 per sq ft.

That is well below current rates, with office nearby being marketed for much higher prices, mostly between €55 per sq ft and €65 per sq ft.

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