The Iveagh Collection Achieves Strong Sales Price
Dublin, 21 May 2014 – In one of the most prestigious property investment sales in 2014, property advisors CBRE have concluded the sale of The Iveagh Collection - a portfolio of prime Dublin 2 office buildings in Dublin City Centre. The sale included four office blocks, all of which are located in prime Dublin 2 City Centre addresses. It is understood the buildings have been sold to three individual investors comprising IPUT, Knight Frank Investment Managers and a Private Irish Investor.
The portfolio included: No. 46 St. Stephen’s Green, Molesworth House, Verschoyle House located on Lower Mount Street, and Pembroke House situated on Upper Pembroke Street with a total floor area of approximately 5,768 sq m (62,089 sq ft) in total. The portfolio was 100% let and produced a total rent roll of €2,058,905 pa.
No. 46 St. Stephen’s Green is located at the junction of St. Stephen’s Green East and Hume Street, and has excellent frontage onto St. Stephen’s Green, one of Europe’s most prestigious addresses. The property extends to 14,160 sq ft in total. Occupiers in the building include MCAP Europe Ltd, Apollo Aviation Management Ltd, The Housing Finance Agency Ltd and Comgest. The investment produces a current income of €532,075 per annum. IPUT are understood to be buying the building.
Knight Frank Investment Management acquired Molesworth House and Verschoyle House as part of their first purchase in Ireland. Molesworth House comprises a five-storey over basement, mixed use building extending to 9,264 sq ft in total. The property is laid out to provide a dual fronted, retail unit on the ground floor together with four floors of office accommodation overhead accessed via a separate entrance on South Frederick Street. The ground floor currently trades as Therapie, which is a leading hair removal and skin care clinic, which has been trading at the location for 10 years. The office accommodation overhead comprises a mixture of open plan and cellular offices which benefit from excellent natural lighting. The property produces a current income of €244,390 per annum and has a weighted unexpired lease term of 5.30 years. Knight Frank Investment Managers are understood to have paid €4,600,000, representing a net initial yield in the region of 5.09%.
Verschoyle House was developed in 2001 and comprises a top quality third generation office building extending to 17,165 sq ft. This impressive five-storey over basement office building is developed to a high standard and provides excellent open plan modern office accommodation. Occupiers in the building include The Pensions Authority, BCK Accountants and Life Strategies Milman. The asset produces a rent of €782,440 per annum and has a weighted unexpired lease term of 2.26 years. Knight Frank Investment Management are understood to have paid €7,400,000, representing a net initial yield in the region of 10.12%. Jonathan Hillyer of HWBC advised Knight Frank Investment Management.
Pembroke House is located on the south side of Pembroke Street between Fitzwilliam Square and Leeson Street. The property comprises five inter-connecting, four storey over basement Georgian office buildings, together with a five-storey extension to the rear. The entire building extends to a total net internal floor area of 1,997 sq m (21,500 sq ft) together with 11 surface car spaces situated to the rear of the property. The asset currently produces a rent roll of €500,000 per annum and has an unexpired lease term of 11.27 years. The property is let to Dublin Ireland Pembroke Street Ltd, a subsidiary of Regus. Davy Property bought the building for €7,900,000, representing a net initial yield in the region of 6.00%.
According to the selling agents CBRE “There was a strong level of interest in the Iveagh Collection. The sale of this portfolio reinforces the demand in the market place from local and international investors for prime city centre offices in Dublin 2”
CONTACT: Marie Hunt – 00 353 (0)1 618 5543 / 00 353 87 2727115 or e-mail:email@example.com
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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 (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. 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 130 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, valuations and research. Please visit our website at www.cbre.ie or www.cbre.ie./ni