Joyces Court, Talbot Street, Dublin 1
Dublin 19th October 2016 – Property advisors CBRE are to offer Joyces Court, Talbot Street, Dublin 1 for Sale by Private Treaty.
Block A & B Joyces Court comprises two modern, Grade A office buildings extending to a combined area of 5,066 sq. m (54,531 sq. ft). There are 31 underground car parking spaces as part of the sale. The blocks, which are situated on Talbot Street, offer unrivalled access to the transport hub of Dublin given their proximity to Connolly Station (Dart and Luas) and Busaras. The scheme is producing an annual rental income of €866,948 per annum.
Block A comprises a 5 storey office building extending to a total area of 2,627 sq. m (28,282 sq,ft). The entire block is let to Smartbox Group Ltd under a 20 year lease from October 2015 with a break option in October 2025. Smartbox, who account for 66% of the overall rent roll of the investment, are paying a rent of €570,006 per annum. This equates to an average rent of €20 per sq ft which offers investors strong reversionary potential.
Smartbox provide an online service whereby customers can purchase experience gifts including food and drink, sports adventure and short breaks. Smartbox originated in France in 2003 and is now a market leader, operating in 13 countries throughout Europe.
Block B comprises a six storey over basement building extending to a total area of 2,439 sq m (26,249 sq ft). The block is multi let to a number of tenants including Veeam Software Ireland Ltd, Kitman Labs Limited and the Dyslexia Association of Ireland. The average rent across the entire block is €161 per sq m (€15 per sq ft). Block B offers strong reversionary potential given the low average rent per sq ft.
In addition there are 4 retail units being offered as part of the sale totalling 691 sq m (7,440sq ft). Three of the units are currently vacant offering investors the opportunity to increase the rental profile of the investment.
The agents are seeking offers in excess of €15 million which equates to a NIY of 5.53% but offers a reversionary yield closer to 7.7% or €275 per sq. ft. If you compare it to capital values of €900 per sq. ft. plus being achieved 500m away in the IFSC, Joyces Court offers an excellent opportunity to increase the capital value of the investment.
Joyce’s Court offers investors a blend of secure core income in Block A and immediate asset management opportunities in Block B. Both Blocks offer strong reversionary potential and should therefore appeal to a variety of domestic and international investors.
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.