Irish property fund BCP Asset Management has put up for sale the Fumbally Estate in Dublin 8 for €25 mln.
The asking price is considerably lower than the €33.5 mln paid by BCP to pan-European investor M7 Real Estate for the property in 2018.
Dating back to 2007, the 4,105 m2 Fumbally Estate consists of four buildings, one of which is a purpose-built office block. Fumbally Square and three former distillery buildings – Fumbally Studio, Mews, and Court – have all been repurposed as office accommodation.
The sale also includes four two-bedroom apartments and a 0.15-hectare development site to the rear of the complex. The Estate also benefits from a development site with full planning permission for a six-storey enterprise centre, extending to approximately 5,326 m2.
The property currently generates an annual rental income of €1.7 mln from several tenants, including Irish Art Review, Dita Eyewear Europe, Disability Federation of Ireland, Larian Studios Games, SquareUp International and School Thing.
The Fumbally Estate is located approximately 750 metres from St Stephen’s Green on Fumbally Lane, off New Street in Dublin 8.
