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A fully let multi-tenanted office building at 4 Custom House Plaza in Dublin's IFSC is being offered to the market by agent TWM at a guide price of €10 million, representing a net initial yield of 8.45 percent. The property extends to 1,811 sq m over five floors with 20 basement car-parking spaces and is fully let to five tenants generating annual rental income of €929,414. The sale follows Ardvest's €24 million acquisition of neighbouring numbers 3 and 5 Custom House Plaza ten months earlier, which are producing €2,656,974 in annual rent with 50 percent derived from Citco Fund Services. Irish and international investors are expected to show interest in the disposal.
Proposed sale of 4 Custom House Plaza follows recent disposal of neighbouring blocks for €24mA range of Irish and international investors are expected to express their interest in the sale of 4 Custom House Plaza, a fully let office investment in Dublin’s.
The property, which is multi-tenanted, is being offered to the market by agent TWM at a guide price of €10 million. Should a sale proceed at that level, the new owner would be in line for a net initial yield of 8.45 per cent, after standard purchaser’s costs of 9.96 per cent.
The proposed disposal of 4 Custom House Plaza comes 10 months after Irish family office Ardvest’s acquisition for €24 million of the neighbouring properties, numbers 3 and 5 Custom House Plaza. The two buildings extend to a total net internal area of 60,606 sq ft and are generating €2,656,974 in annual rental income, with 50 per cent of the rent roll derived from Citco Fund Services. Other tenants include FlexiFi Europe Services, Companjon, Maxol and Device Atlas.
Number 4 Custom House Plaza extends to a net internal area of 1,811 sq m distributed over five floors, with 20 secure basement car-parking spaces. The building is fully let to five tenants and is generating overall annual rental income of €929,414. Kildare lands zoned for residential development seeking €2.75m Kim Moran of TWM says: “This is an excellent opportunity to acquire a fully let office investment in the heart of the IFSC.
We expect to see interest in this sale from both domestic and international investors. ”GP and elderly mother awarded €12k over Dundrum clinic receptionist’s ‘disrespectful’ conductMost primary and secondary students refused to go to school at least once last yearLATEST STORIESDanny Buckley: ‘Her last words to me were a plea to please get help for my ADHD’Office rents must hit record €80 per square foot to justify new building, says HWBC Our weekly personal finance digest will provide you with the insight you need to save money and make smart spending decisions
Dublin Custom House Plaza IFSC Office Investment TWM Ardvest Citco Fund Services Commercial Property Ireland Net Initial Yield
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