Four-asset office portfolio and hotel go on sale in Ireland

Property adviser CBRE is putting a portfolio of four office blocks in Dublin and a five-star hotel in Killenard, County Laois, on the market.

The fully let office properties are located in prime Dublin city centre locations and are being offered for a guide price of €30 mln, although investors will also be able to bid for individual properties.

CBRE said the four buildings - known as the Iveagh Collection - have a total floor area of some 5,690 m2 and offer excellent rental growth prospects and asset management opportunities.

The portfolio includes No. 46 St. Stephen’s Green; Molesworth House; Verschoyle House located on Lower Mount Street; and Pembroke House situated on Upper Pembroke Street.

The total rent roll from the portfolio is €2,060,905 per annum, offering an investor an initial yield, after acquisition costs, of 6.57%. The guide price of €30 mln equates to €489 per square foot.

CBRE said it anticipates a strong level of interest in the portfolio from a number of international, domestic and new entrants looking to establish or extend their exposure to the prime Dublin office market.

Separately, CBRE said it is putting the five-star Heritage Hotel in Killenard, County Laois, up for sale on behalf of the receiver Kieran Wallace from KPMG.

The hotel is located between the towns of Portlaoise and Portarlington, off the M7 motorway linking it to the cities of Cork and Dublin.

It overlooks the Seve Ballesteros Championship Golf Course and offers 98 bedrooms, a restaurant, bar, extensive wedding conference and banqueting facilities, bespoke business centre with six meeting rooms as well as a 50 seater auditorium/cinema and spa facility.