Wednesday 25 April 2018

Dublin office block with a €90m guide

Block R Spencer Dock is on the market for €90m
Block R Spencer Dock is on the market for €90m
Peter Flanagan

Peter Flanagan

A city centre office block in Dublin is being put on the market with an asking price of €90m.

Block R Spencer Dock is a "Grade A" office block with an asking price that reflects a net initial yield of 5.18pc and a capital value of €708 per sq ft.

Block R is situated on Spencer Dock in the North Docklands, immediately adjacent to the National Convention Centre and Kilmore House.

The property comprises a seven storey over basement modern building which provides office accommodation over seven floors and three retail units at ground floor level. The building extends to approximately 127,000 sq. ft. with 46 basement car parking spaces.

CBRE and Savills are acting as joint agents over the property.

The office accommodation is 100pc let to the likes of the Central Bank, Nationwide Building Society and The Commissioners of Public Works in Ireland and the property is generating a combined rental income of €4,8m per annum.

"Given the high profile location, security of long term income from state bodies in conjunction with continued investor appetite for Grade A office buildings we anticipate a strong level of interest in the property," said Savills Fergus O'Farrell.

"The quality of the development will mean that Block R will appeal to both international and Irish institutional investors and this opportunity is well positioned to benefit from rental growth in the office market," added CBRE's Colm Luddy.

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