Thursday 22 March 2018

Former An Post site to be sold for office development

The Sorting Office will be over 200,000 sq. ft in size when completed
The Sorting Office will be over 200,000 sq. ft in size when completed
Ellie Donnelly

Ellie Donnelly

Property group Marlet and M&G Investments has hired estate agent CBRE to sell a new office block development on the site of a former An Post office in Dublin 2.

The Sorting Office, located on the corner of Cardiff Lane and Hanover Street East, is due for completion in mid-2019 and will be over 200,000 sq. ft in size.

The building will be split over eight levels, with 26 car spaces and 318 bicycle spaces.

Read more: Limerick office portfolio at €25m offers 7.06pc yield

The Sorting Office is priced in the region of €152m or €750 per sq. ft. on the basis of a vacant possession sale.

CBRE has said that it expects that pre-lets will be agreed before the completion of the sale given the current demand in the Dublin market for office space.

Office rents in Dublin city centre currently remain stable with prime headline rents at approximately €673 per sq m, according to CBRE.

To-date Marlet Property Group has acquired some 45 sites in Dublin comprising a mix of existing and future developments for over 4,000 residential units and approximately 60,380 sq. m. (650,000 sq. ft.) of commercial space.

In 2014, the company signed a funding agreement with M&G Investments which has seen total investment to-date in excess of €500m.

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