One of Dublin’s largest office assets is on the market for around €240m.
The One Spencer Dock asset in the Irish capital is being sold at a net yield of around 4.7%, according to CBRE and Savills, jointly tasked with finding a buyer for the scheme.
Treasury Holdings developed the property, being sold by Ireland’s National Asset Management Agency (NAMA), in 2007.
The 226,624 sq ft asset is fully let to PwC, with upward-only rent reviews every five years and the next review in April 2017.
Fergus O’Farrell, director at Savills Ireland, said: “As a core investment, this is unsurpassed, even in an international context.
”With more than 16 years unexpired on the lease term to an internationally recognised covenant, this is one of the last scale grade ‘A’ office blocks with these characteristics remaining in the Dublin market.”
NAMA recently sold a portfolio of Irish loans backed by retail property assets to Allianz Real Estate and Hammerson.
NAMA, created in 2009 to offload €77bn of property loans, said the portfolio was sold for €1.85bn.