Saturday 21 April 2018

'Platinum Portfolio' of offices on market for €120m in total

Hume House
Hume House
The Bloodstone Building

Peter Flanagan Commercial Property Editor

NAMA is putting four Dublin offices on the market with a total guide price of €120m.

Knight Frank and CBRE have been retained as agents to sell The Bloodstone Building, Hume House, Grand Mill Quay and Block B, Riverside VI.

The sale is on behalf of receivers Paul McCann of Grant Thornton and Declan Taite of RSM Farrell Grant Sparks.

CBRE say the "Platinum Portfolio" as the four buildings are known, offers buyers a "unique opportunity to gain a foothold" in the Dublin office market.

All told the offices provide about 320,000 sq ft worth of space.

The Bloodstone Building overlooks the River Liffey in the heart of Dublin's South Docklands.

The eight-storey property, provides 83,100 sq ft of Grade A office space.

The investment produces a current income of approximately €1.25m per annum with 35,000 sq ft vacant.

The quoting price is €30m and when fully let will produce a yield of over 7.5pc.

Block B, Riverside IV is a six storey, 59,000 sq ft office building. The asset produces a current income of €1.445m a year. An additional 30,000 sq ft is vacant and available to let.

The quoting price for Block B is €26.3m which provides an initial yield of 5.26pc rising to 8.23pc when fully let.

Hume House on Pembroke Road is located in the heart of Ballsbridge.

The property was developed in the early 1970's and comprises an eight-storey over-basement office block with car parking at surface and basement level.

Hume House extends to an area of approximately 7,432 sqm (80,000 sq ft) with 118 cars. The investment produces a current income of €1.853m from tenants including Bank of Ireland and AIB.

The property has the benefit of an existing planning permission granted in July 2010 for demolition and construction of a new nine storey office block extending to a gross area of approximately 165,000 sq ft.

RENT

At the guide price of €21.5m the asset will yield an initial return of 8.25pc.

Developer Sean Dunne paid €130m for the building in 2006.

Grand Mill Quay, Barrow Street is located immediately adjoining the Google's offices in the former Montevetro building.

The building provides 96,500 sq ft with 109 car spaces. The asset produces current rent of €3.59m from the likes of Blackrock and Google.

The building is almost fully occupied with only part of the 2nd floor vacant.

The asking price for the asset is €42.4m, showing an initial yield of 8.1pc.

Irish Independent

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