Ballymore/Oxley bring Dublin Landings HQ to market

By Paul Norman - Wednesday, October 04, 2017 8:10

Ballymore and Oxley have appointed CBRE to sell No. 1 Dublin Landings, a prelet office at the heart of a major regeneration scheme in the city centre, seeking €150m, reflecting an initial return of 4.5%.

Dublin Landings 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 due for completion in Q1 2018 and is a 10 storey building providing over 13,300 sq m of office accommodation and 44 car parking spaces.  

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 Q1 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%.

Ballymore has teamed up with Oxley to create this City Quarter. 

CBRE and Knight Frank are jointly advising Ballymore and Oxley on the sale.

Johnny Horgan, Executive Director at CBRE said: "It is difficult to remember a core office investment opportunity offered to the market with its combination of quality tenant, building and lease terms”. “this opportunity is likely to appeal to investors already committed to the Irish market but also new core European and Asian Funds."

Sean Mulryan, Chairman & Group CEO at Ballymore 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."

pnorman@costar.co.uk

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