Monday 27 January 2020

City-centre properties put on market by F&C

Donal Buckley

Donal Buckley

Friends First's investment arm F&C is stepping up its sales of commercial property. It currently is offering two prime Dublin city-centre properties to the market.

The largest of these is St Martin's House, Waterloo Road, Ballsbridge, Dublin 4, a six-storey office block with 7,430sqm, which is fully let. The Government's property management operation, the Office of Public Works, is the main tenant.

F&C's other property is 50 Grafton St, Dublin 2 which is let to mobile phone operator O2 owned by Telefonica which is currently paying an annual rent of €380,000 a year.

Agents HWBC are currently asking €5m which would provide a yield of 7.28pc. This is a price reduction on the €5.8m which was sought in 2010 when the yield was 6.04pc.

But while the yield has extended the investment offers the advantage of an upward only rent review which makes it a more attractive property than those which lack such a review.

Telefonica has sub let the two upper floors in the four storey 228.45sqm building to a mole screening clinic.

Savills has been appointed agents for the sale of the landmark St Martin's House which is located on the corner of Waterloo Road and Baggot St and has frontage onto both roads.

Xtravision occupies the corner ground floor unit with dual frontage while Smiles, the dentist chain, has a unit on Waterloo Road.

Under the aegis of the OPW other occupiers include The National Roads Authority and the Mental Health Commission.

In addition there are also some private sector occupants such as the publishers of the Golden Pages telephone directories.

Currently agents Xavier McCaffrey are seeking tenants for a self-contained area within the building on behalf of Spain Courtney Doyle which had offices there. They are quoting €269 per sqm for 700sqm which also has designated parking spaces.

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