Friday 21 September 2018

Independent House for sale at €24m

Independent News & Media’s headquarters at Independent House in Talbot Street, Dublin
Independent News & Media’s headquarters at Independent House in Talbot Street, Dublin

Ronald Quinlan Commercial Property Editor

Agents CBRE are seeking offers of more than €24m for Independent House and Brett Court on Talbot Street, Dublin 1.

As well as being home to the headquarters of Independent News & Media (INM) - Ireland's largest media company and the publisher of this newspaper - the property comprises 5,600 sq m (61,000 sq ft) of Grade A office space, a supermarket unit let to Kane's SuperValu, 10 apartments and 26 basement car-parking spaces.

The scheme produces a combined rental income of more than €1.47m a year and benefits from a WAULT (weighted average unexpired lease term) of eight years for the commercial element.

Independent House comprises a six-storey, over-basement level office and retail building which was developed in 2004 and extends to a total area of 5,100sq m (55,000sq ft).

The self-contained, upper-floor office element is fully let to INM on a 25-year lease from 2004 with a break option in 2024.

INM is paying an annual rent of over €1.04m which equates to an average rent of just €22 per sq ft.

The retail element is occupied by Kane's SuperValu on a 25-year lease from 2004, paying an annual rent of €275,000, which equates to a rent of €28 per sq ft.

The tenant has recently refurbished the property throughout and provided an in-store cafe.

Brett Court comprises an adjoining, six-storey, over-basement residential block fronting Foley Street.

The property contains 11 recently refurbished apartments, of which 10 are included in this sale.

At present, nine are occupied and let producing a rent of €152,400 annually.

"Independent House and Brett Court provides an investor with an opportunity to acquire a high-quality mixed-use scheme in Dublin City Centre with significant rental income with reversionary potential on long leases from strong covenants in the office and retail elements and well-let apartments," said CBRE executive director Willie Norse.

"We envisage strong demand as investors will be able to avail of favourable lending terms on an investment of this calibre."

Irish Independent

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