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O'Reilly considers the sale of Independent House

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Headquarters: Independent House on Talbot Street, Dublin

Headquarters: Independent House on Talbot Street, Dublin

Headquarters: Independent House on Talbot Street, Dublin

An investment vehicle led by developer Joe O'Reilly is looking to make a tidy profit within two years from the sale of Independent House in Dublin 1, the headquarters of Independent News and Media (INM).

Selling agents Knight Frank is guiding €29m for the investment, which includes a Supervalu store and generates a combined annual rent roll total of €1,782,200. That suggests the purchaser stands to generate a net initial yield of 5.6pc.

In 2018, Mr O'Reilly's investment vehicle paid €24.3m for the property along with 10 adjoining Brett Court apartments. These units are not included in the current sale but are expected to be sold at some future date.

The property has 26 secure basement car parking spaces that are accessible off Foley Street.

Some apartment occupiers also have access to parking spaces in this car park.

Located at the corner of Talbot Street and James Joyce Street, Independent House is a short walk from Connolly Station, Bus Áras, O'Connell Street, Henry Street and the IFSC.

It extends to 5,123.69 sq m with four floors of office accommodation over retail at ground floor.

Since acquiring the property, Mr O'Reilly, who is best known for developments such as Dundrum Town Centre and Castlethorn housing, secured rent increases.

The combined 2017 rent roll was less than €1.32m, suggesting a 34pc increase in rents since then.

Both tenants have 25 year leases dating from 2004.

INM's office space extends to 4,173 sq m and the fourth and fifth floors also benefit from large communal south-facing balconies and terraces overlooking the city.

The retail space at the ground floor level covers 896 sq m and has been fitted out by the tenant to include its café offering, Frank & Honest.

Irish Independent