Prime Sandyford Office Investment Opportunity
Ravenscourt & Mercury House, Sandyford, Dublin 18
Dublin, 28th September 2016 – CBRE have just launched a prime suburban office investment opportunity to the market, namely Ravenscourt & Mercury House. Ravenscourt is located on the Blackthorn Road approx. 400m north of the Atrium building. Mercury House is located on Ravens Rock Road immediately adjoining Ravenscourt. The properties can be purchased together as a collection or on an individual basis.
Ravenscourt comprises a multi let, stand-alone office development which is divided over five blocks. The scheme extends to a Gross Internal Floor Area of approximately 5,781 sq m (62,226 sq ft) together with a total of 119 car spaces at basement level. Ravenscourt is 90% occupied with tenants including Chill Insurance, Innopharma and Brambles. Block C, D & E comprise three storey office buildings which extend to 3,256 sq m (35,052 sq ft) overall. Internally the properties are broadly “L” shaped which provides flexibility for occupier requirements. Block E is currently vacant but is in “turn-key” condition, fitted and suitable for immediate occupation. Block A, leased to Brambles, comprises a two storey detached restaurant and is fitted out to a high standard. This unit extends to an area of approx. 235 sq m (2,530 sq ft). This scheme is currently producing a passing rent roll of €755,927 p.a. with an average unexpired lease term of almost 5 years. There is an opportunity to increase this rent roll by letting Block E.
Mercury House is a detached office and storage building which extends to a Gross Internal Floor Area of approximately 2,742 sq m (29,520 sq ft) together with a total of 52 surface car spaces. The property is single let to Mercury Engineering on a 20 year lease from 2005 producing a rent of €310,733 p.a.
CBRE are guiding Ravenscourt at price of €11,000,000 which equates to a net initial yield of 6.58% and Mercury House at price of €3,200,000 which provides a net initial yield of 9.30%. Together the two properties will provide a potential purchaser with a net initial yield of 7.19%.
This investment is likely to appeal to both private investors and specialist funds seeking exposure to the Sandyford market, where rental values are continuing to improve strongly. There are good quality covenants, in one of the best locations in Sandyford with the Luas nearby.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
In Ireland, with offices in Dublin and Belfast, CBRE is the country’s largest commercial real estate services company, now employing over 165 employees and offering a full range of property services including property sales and acquisitions, leasing and management, investment, corporate services, debt advisory, project management, consultancy, business rates and compulsory purchase, valuations and research. Please visit our website at www.cbre.ie or www.cbre.ie/ni.