Independent House & Brett Court, Talbot Street, Dublin 1
Dublin 4th October 2017 – Property advisors CBRE under the instruction of the Receiver, Ken Tyrrell of PWC are delighted to offer Independent House & Brett Court, Talbot Street, Dublin 1 for sale by private treaty.
Independent House & Brett Court comprises a modern mixed use property, which contains Grade A office space, a supermarket unit and 10 apartments, extending to an overall area of approx. 5,600 sq m (61,000 sq. ft). There are 26 basement car parking spaces included as part of the sale. The adjoining blocks, which are situated on Talbot Street & Foley Street, offer unrivalled access to the transport hub of Dublin given their proximity to Connolly Station (Mainline, Dart and Luas) and Busaras. The scheme is producing a combined rental income of over €1.47 million per annum and benefits from a WAULT of 8 years for the commercial element.
Independent House comprises a 6 storey over basement level office & retail building which was developed c. 2004 and extends to a total area of approx. 5,100 sq. m (55,000 sq. ft). The self-contained upper floor office element is fully let to Independent News Media on a 25 year lease from 2004 with a break option in 2024. The tenant is currently paying a rent of over €1.04 million p.a. which equates to an average rent of only €22 per sq. ft. This undoubtedly offers investors strong reversionary potential for the high quality Grade A office space. The retail element is occupied by Kane’s SuperValu on a 25 year lease from 2004 paying a rent of €275,000 p.a. which equates to a rent of €28 per sq ft. The tenant has recently refurbished the property throughout and provided a quality, in-store café offering to the front of the shop.
Brett Court comprises an adjoining, six storey over basement residential block fronting Foley Street. The property contains 11 apartments in total which were recently refurbished of which 10 are included in this sale. At present 9 are occupied and let producing a rent of €152,400 p.a.
CBRE are seeking offers in excess of €24 million which equates to a net initial yield of 5.9% after allowing for the deduction of standard purchasers’ costs. As opportunities of this scale and quality are limited at present in Dublin for such mixed use investments, there is likely to be strong interest in Independent House & Brett Court.
Independent House & Brett Court provides an investor with an opportunity to acquire a high quality mixed use scheme in Dublin City Centre with significant rental income with reversionary potential on long leases from strong covenants in the office and retail elements and well let apartments. We envisage strong demand as investors will be able to avail of favourable lending terms on an investment of this calibre.
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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
CBRE U.C., (CBRE Ireland) registered in Ireland, no. 316570. PSRA Licence No. 001528 is the country’s largest commercial real estate services company with offices in Dublin and Cork. Currently employing over 135 employees, we work with occupiers, investors and developers of office, industrial and logistic, retail, hotel and healthcare property, providing strategic advice and execution for property sales and leasing; tenant representation, corporate services; property and project management; appraisal and valuation; development services; investment management and debt advisory; business rates and compulsory purchase and research and consulting. Please visit our website at www.cbre.ie