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Independent House in Dublin for sale

By Kasmira Jefford - Wednesday, October 04, 2017 9:45

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Independent House & Brett Court, the Dublin headquarters of Ireland's biggest media company Independent News & Media (INM) has been put up for sale by private treaty, with an asking pricing of €24m.

CBRE has instructed by the receiver, Ken Tyrrell of PWC to sell the two adjoining properties on Talbot Street & Foley Street close to Connolly Station and Busaras.

The buildings comprise 61,000 sq ft of  office space, a supermarket, and 10 apartments. There are 26 basement car parking spaces included as part of the sale. 

The scheme is producing a combined rental income of over €1.47m 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. 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 €1.04m 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 €24m 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.

Willie Norse, executive director at CBRE said: “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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