Thursday 24 January 2019

Chartered Land goes sale agreed on former Adelaide Hospital building

Adelaide Chambers
Adelaide Chambers
John Mulligan

John Mulligan

The high-profile Adelaide Chambers office building - originally the 18th century constructed Adelaide Hospital – looks set to be acquired by Joe O'Reilly's Chartered Land.

Chartered Land has gone sale agreed on the property.

The four-storey building - whose occupiers include the Croatian embassy and tech firm Decawave - had been up for sale since last year with an €8m guide price. It extends over 18,177 sq ft, and includes 31 basement car-parking spaces.

It was developed by Benton Property Holding, a firm once controlled by Sean Kelly, formerly of Sean Mulryan's Ballymore. Benton, now in receivership, paid IR£6.1m (€7.8m) for the Adelaide Hospital site in 1998, and 175 apartments were subsequently developed there, as well as office space.

According to property records, the Croatian government has a 500-year lease on 1,836 sq ft of the property, paying an annual €20 ground rent.

It generates an annual rent roll of €278,188, with a weighted average unexpired lease term of 2.61 years as of the middle of last year. It's expected that the rent roll from the building could be raised to as much as €600,000 per annum.

Irish Independent

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