Historic JP Morgan building in IFSC on the market for €36.5m
Published 20/10/2016 | 13:41
The landmark JP Morgan building at One Georges Dock in the IFSC is on sale for €36.5m.
The property is a five storey over basement office building extending to approximately 44,483 sq. ft.
It has 46 car spaces in a basement car park which can be accessed from Georges Dock.
The entire is let to J.P. Morgan Bank under a 25 year FRI lease from December 6 1996 and upwards only rent reviews.
The current income is €1,804,748 per annum which represents 80.44pc of the full open market rental value of the building.
The area has transport links with the Luas and DART.
It is in the heart of the IFSC which is Dublin’s principal financial district and is home to over 430 international and domestic companies.
The immediate area is home to a number of high profile office tenants including; Danske Bank, KPMG, Wells Fargo, SIG, Citibank, SIG and Zurich Bank.
There is a host of facilities and amenities in the vicinity including hotels, cafes, bars, restaurants and convenience stores.
Notable landmarks located in the vicinity include; The Convention Centre approximately 750 m east, the O2 Arena approximately 1.5 km east. The property is also located directly across from the CHQ retail centre.
John Moran, Head of Investment, JLL Ireland, said: “This is a great opportunity for an investor to acquire a high profile headquarter building, let to an international investment grade covenant in an established area which continues to develop and improve.”
The property is for sale at a guide price in excess of €36,500,000, which reflects an equivalent yield of approx. 5.71pc (after standard purchaser costs) and a capital value of €820 per sq.ft.