Tuesday 20 March 2018

Fully let IFSC office block offering initial yield of 6.5pc

QRE is guiding €4.3m for the block at 12/13 Exchange Place
QRE is guiding €4.3m for the block at 12/13 Exchange Place

An office block in the heart of the IFSC has been put on the market with an asking price of €4.3m.

QRE has been appointed by receiver Ken Tyrell of PWC to sell the block at 12/13 Exchange Place.

The investment comprises a 4 storey building extending to 1,054 sq m (11,351 sq ft), which also has six car parking spaces.

The building is fully let and producing an annual income of €290,932 per annum.

Occupiers include international news agency Reuters, aircraft leasing company Elix Aviation and aircraft engine leasing company Willis Mitsui.

QRE say each suite has been fitted to a high standard by each respective occupier.

At the asking price, the property will provide the purchaser with a net initial yield of almost 6.5pc, after deducting standard purchasers costs. QRE's Conor Whelan claimed that he "expects strong demand for the fully let office investment, which has strong reversionary potential and excellent covenant profile".

There has been a significant amount of activity in the IFSC in recent months between lettings and outright sales.

Last week JLL was retained to let out a penthouse office suite in the IFSC which has been put for €55 per square foot.

The agent is seeking a tenant for part of the 6th floor of 2 Harbourmaster Place (pictured) at the junction of Amiens Street and Harbourmaster Place at the gateway to the financial district.

According to JLL. 2 Harbourmaster Place "benefits from a host of retail and leisure amenities available within the IFSC and is conveniently located within the heart of Dublin's Public Transport Hub including the Luas Red Line, main rail line and dart services not to mention numerous bus routes".

The 6th floor penthouse offers "unrivalled views across Georges Dock and the IFSC".

"The accommodation of 1,295 sq ft is presented in excellent walk in condition to include raised floors, suspended ceilings and air conditioning.

The building also benefits from five showers located on the ground floor.

The other occupiers within the building include KPMG, Wells Fargo and Bank of Montreal. The suite is available now by way of sub-lease on "flexible" terms.

Ger Carr of JLL claimed "this space is ideal as a high quality executive/management suite while also offering the advantages of a penthouse and the local superb amenities of the IFSC. I expect there to be strong demand for this office space".

Private investment manager Ardstone Capital and CBRE Global Investment Partners paid a little over €37m for the office block two years ago.

Sunday Independent

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