It was announced yesterday that joint developers Ballymore and Oxley are to sell No. 1 Dublin Landings in what will be the highest quality asset to be offered for sale in the Irish market in recent years.
CBRE claim the sale of Dublin Landings is one of the most important regeneration projects ever undertaken in Dublin. The scheme, located in the heart of the city centre, provides for a comprehensive transformation of one of the largest remaining riverfront blocks. The development, which adjoins the recently completed Central Bank Headquarters and PWC building, will on completion extend to over 100,000 sq.m.
No 1 Dublin Landings is a 10 storey building providing over 13,300 sq.m of office accommodation and 44 car parking spaces. The building, which has extensive river frontage, includes a double height entrance with a generous reception hall opening to large glazed atria and lift lobbies.
The building has been fully pre-let to the National Treasury Management Agency, the State body which provides asset and liability management services to Government. The letting is for a term of 25 years from Practical Completion incorporating a tenant break option after 15 years. The rent is agreed at €50.00 per sq ft and €4,000 per car space. The total rent is estimated at €7.015 million subject to final measurement.
Dublin Landings will, on completion, include five separate office blocks. No. 2 Dublin Landings, which adjoins No.1, is an eight storey block providing over 8,900 sq.m of office accommodation and 28 car parking spaces. The building, which fronts onto Central Square, is currently at an advanced stage of construction and incorporates a dramatic double height entrance and full height glazed atria.
Substructure and basement works for the remaining three blocks, which will provide a further 28,700 sq.m, are currently well underway and it is anticipated that these office will be available for occupation by late 2019.
In addition to the offices and retail/restaurants, the development will include 298 apartments, providing accommodation for the staff of businesses occupying the office space. The sale will be structured by way of a forward sale with the developers entering an agreement with the purchaser for the sale of the building on practical completion in the first quarter 2018. The guide price for the completed building is likely to be in the order of €150 million, reflecting an initial return of 4.5%.
Commenting on the opportunity, Chairman & Group CEO at Ballymore, Sean Mulryan said, "No. 1 Dublin Landings offers investors an opportunity to buy in at the early stages of the transformation of this part of the city centre, giving a real opportunity for growth, underwritten by a lease to the state. The building has beautiful proportions and is built with materials that will stand the test of time. Given its prominence on the banks of the River Liffey we think this will be an important landmark building in Dublin for many years."
Source: www.businessworld.ie
