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Dublin retail, offices on sale for E123m

Wednesday, June 25 12:08:51

In one of the biggest investment property sales of the year so far, a collection of Dublin offices and retail properties are now on the market with a guide prise total of E123m.

It includes the Treasury Holdings developed Kilmore House on Spencer Dock.

The collection offers a combination of prime offices, high street retail and suburban retail investments and is generating a rental income of E7.3 million per annum. Some 40pc of the income is generated from the offices while 60pc is from the retail assets.

18-21 Henry Street & 6/8 GPO Arcade, Dublin 1 occupies a prime pitch on Henry Street adjoining Arnotts Department Store and opposite the entrance to the ILAC centre. The total rental income is approximately E1.41 million per annum and there is a weighted average unexpired lease term of approximately 5.25 years. The quoting price is E26 million which reflects a net initial yield of approximately 5.19pc.

43/44 Mary Street, Dublin 1 is occupied by JD Sports and comprises a 3 storey building extending to a total area of approximately 12,472 sq. ft. The quoting price for this property is E14.5 million which reflects a net initial yield of approximately 5.6pc.

20 on Hatch, Hatch Street, Dublin 2 is a 6 storey over basement modern office building extending to approximately 44,400 sq. ft. The guide price is E26.2 million reflecting a net initial yield of approximately 4.95pc.

11/12 Duke Street & 52 Dawson Street, Dublin 2 is a traditional 4 storey over basement building extending to a total of approximately 6,193 sq. ft. The quoting price is E5 million which reflects a net initial yield of approximately 5.75pc.

17-23 Upper Rathmines Road, Rathmines, Dublin 6 comprises a supermarket let to Tesco Ireland Limited and extending to a total area of approximately 19,094 sq. ft. The guide price is E7.5 million which reflects a net initial yield of approximately 5.6pc.

Nutgrove Centre, Nutgrove Avenue, Rathfarnham, Dublin 14 comprises a modern retail scheme anchored by Lidl, extending to a total of approximately 60,934 sq. ft. The quoting price for this asset is E11.9 million which reflects a net initial yield of 6.9pc.

Beacon South Quarter, Sandyford, Dublin 18 is a mixed use scheme of 45,614 sq. ft. and comprise of 8 retail units, which are mainly let to furniture retailers. The quoting price for this asset is E7 million which reflects a net initial yield of approximately 7.49pc.

Fergus O' Farrell of Savills Investments says, "This is an exceptional collection of Dublin based assets offering investors prime opportunities in both the retail and office sectors. Given the lot size of both the individual properties and the entire collection, along with the diversity of the assets on offer, we would expect significant interest from both national and international investors.

Colm Luddy of CBRE says, "While property collections sold in the current cycle have been sector specific this collection offers an opportunity to acquire a balance of prime Dublin City offices and a balanced Dublin retail holding. While on an overall basis the collection offers scale on a number off the assets are likely to appeal to individual bidders."