Irish REIT Hibernia has acquired an office building in central Dublin for €19.2 mln, representing a capital value of €880 per sq ft and a yield on cost following an agreed rent review of 5.3%.
Irish REIT Hibernia has acquired an office building in central Dublin for €19.2 mln, representing a capital value of €880 per sq ft and a yield on cost following an agreed rent review of 5.3%.
One Earlsfort Terrace in the Dublin 2 district comprises 21,700 sq ft (2,015 m2) of office accommodation across five floors plus basement and 19 underground car parking spaces. It is part of the Earlsfort Centre, a mixed-use development with over 250,000 sq ft of office space.
There is existing planning permission for two additional floors which would add 6,000 sq ft of net lettable area.
The building is fully occupied by international law firm Eversheds on a lease to 2026, with scheduled rent reviews (upwards only) in September 2016 and 2021, producing current passing rent of €0.63 mln per annum. Hibernia has agreed with Eversheds that the rent will rise to €1 mln per annum at the next rent review in September 2016.
'This is a well-situated building in the traditional core of Dublin with value-enhancing opportunities over the medium to longer term through refurbishment, extension or redevelopment,' said Hibernia CEO Kevin Nowlan.
