Savills Ireland has been mandated to sell The Infinity Building, an office investment opportunity situated on the north side of Dublin’s Central Business District (CBD).
The sale marks a rare opportunity for investors to acquire a long income producing office building, located in one of Dublin’s most vibrant hubs, the advisor said.
The prominent Infinity Building, a six-storey over basement office building extending to 126,717 ft2 (NIA), combines a mix of adjoining office blocks George’s Court and 90 North King Street as well as a small convenience store fronting on to North King Street. It is 90% let by income to the Office of Public Works (OPW) with the remaining income produced by The Law Society and a Gala convenience store, generating €3,895,100 per annum with a WAULT (Weighted Average Unexpired Lease Term) of 7.9 years to nearest break options and 13 years to expiry.
The guide price of €47.2 mln reflects a net initial yield of 7.50% after standard purchasers’ costs.
The property also features 63 secure basement-level car parking spaces.
Fergus O’ Farrell from Savills Ireland commented: 'The Infinity Building presents a rare opportunity for investors with an appetite for a well-located and secure income producing offices. The strength of this asset is underpinned by its government backed long income profile with tenants recently extending their lease commitments.'
