Grand value: Dublin office value up 50pc to €30m in five years
A SOUTH Dublin office block sold almost three years ago for an €8m profit by Credit Suisse has continued to soar in value for its current owner.
One Grand Parade - located adjacent to the former Irish Nationwide Building Society headquarters - was bought in 2017 by a German pension fund for almost €27m. Credit Suisse had bought it in 2015.
Accounts filed in Luxembourg for the company behind the property show that it's now valued at €29.8m. The German fund, Quadoro Duric Real Estate, bought the property for nearly €4m more than its €23m guide price.
The office block extends over almost 32,000 sq ft.
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The €29.8m valuation at the end of February last year compares to the €27.4m the property was listed as being worth a year earlier.
A Dresden-based entity that provides retirement and disability pensions to doctors and vets, Sachsische Arzteversorgung, provided a €13m mortgage to the Luxembourg-based company to help bankroll the acquisition of the Dublin building.
Rental income from the property totalled €992,000 in the last financial year, while service income amounted to €408,000.