Friday 23 February 2018

Rohan sells 21 Charlemont to French company for €45m

The 21 Charlemont office development in Dublin sold for €45m
The 21 Charlemont office development in Dublin sold for €45m

Donal Buckley

Rohan Holdings, the Irish family-owned commercial property company, has sold a new office development, 21 Charlemont, Dublin 2, to La Française Group, a French firm, for about €45m.

In June Rohan announced that the building had been pre-let to communications company ViaSat at a rent of €55 per sq ft, which is about 10pc more than market sources expected at the time when Rohan commenced construction in 2015.

La Française Group manages about €64bn in assets and is 92pc owned by Credit Mutuel Nord Europe (CMNE), a banking and insurance group in Northern France and Belgium. The Charlemont deal is its first in Ireland. The Grade A property comprises 3,437 sq m (37,000 sq ft) of office space in a six-storey-over-basement building and will generate a rent roll of about €2.04m, suggesting a yield of almost 4.5pc.

Unusually the building has balconies, which were designed to shade the south-facing windows.

Rohan is reported to have bought the site with derelict offices for more than €6.5m a few years ago and when demolition and construction costs are taken into account, it may have invested between €35 and €40m on the project. Formerly the headquarters of McConnells, at one time Ireland's largest advertising agency, it overlooks both Charlemont Luas station and the Grand Canal. During the boom Bernard McNamara and Jerry O'Reilly had bought it for redevelopment.

Rohan recently completed other significant deals with firms such as Dublin Port, Holland & Barrett and Alpha Flight, part of the Emirates Group. In addition to bidding on buildings and sites in the office, residential and industrial sectors, the firm has live projects across the city.

Brendan Delaney of Savills Ireland, who represented La Française, said Savills looks forward to continuing its relationship with La Française, and "supporting them on any further investments in the Irish market".

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