Advisors Savills and Investi have placed the Rockfield Central mixed-use complex in Dublin’s south suburb of Dundrum on the market with a guide price of €25.5 mln.
The annual rent roll in Rockfield Central is €1.89 mln, equating to a net initial yield of 6.75% (after standard purchasers’ costs).
The overall offering extends to 74,858 sq ft (6,970 m2) across three blocks and includes 45 car parking spaces in the adjoining Ballaly Park and Ride Car Park and 7 surface spaces.
Rockfield is split into three blocks: North, South and East. The North and South Blocks, both built in 2004, offer high quality office space and feature panoramic views of Dublin from the upper floors. The ground floors of both blocks are occupied by retail tenants. The East Block is positioned over the underground car park. It comprises two levels of retail beneath a four storey office block, known as Rockfield Medical Campus, which is held separately under long leasehold and not included in the sale. The seven retail units in the East Block, which form part of the sale, benefit from plenty of footfall from the surrounding offices, the Luas stop and nearby apartment developments.
The blocks are virtually fully let to twenty tenants including Mac Group, Mott MacDonald, Medserv and VHI Investments, with 77% of the income derived from offices and the remaining 23% from retail.
Rockfield Central was purchased in 2017 by Mac-Group. Mac-Group have now decided to review their portfolio holdings after improving their current stock, they are now actively looking at residential and industrial development schemes.
Fergus O’Farrell of Savills commented: ‘Rockfield Central presents investors with the opportunity to acquire a high quality and well diversified income producing asset with asset management potential.’
