Independent House for sale at €24m
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."