A 50,000 m2 portfolio of properties in Central Dublin has been put up for sale by Jones Lang LaSalle on behalf of receivers Ernst & Young and Deloitte.
A 50,000 m2 portfolio of properties in Central Dublin has been put up for sale by Jones Lang LaSalle on behalf of receivers Ernst & Young and Deloitte.
The Ulysses portfolio of 25 buildings is being marketed for €140 mln in one of the largest investment opportunities offered to the Irish market in 2013. The price tag represents an income yield of 9.53% and an overall rate per sq. ft of €256.
The assets were previously owned by Liam Carroll of Zoe Developments.
John Moran of agents JLL said the portfolio 'represents an excellent opportunity for investors to avail of the large lot size and complete portfolio of properties which provides strong income returns and significant asset management opportunities'.
Ulysses is a high-yielding, mixed-use portfolio within Dublin city with the majority of income attributable to government/semi-state tenants. The package comprises 14 offices, 51 retail units, 31 residential units and 90 separate tenancies and is being offered both as a single lot, or as three individual lots.
Geographically the portfolio is concentrated within the Dublin 1 and 7 areas (82.5% by passing rent) with the remainder in Dublin 2, 4, 8 and 20. It provides a current rental income of €14 mln per annum.
Highlights include 94 St Stephen’s Green, a Dublin office building let to the Department of Justice, King’s Inns House on Parnell Street, a 62,000 sq ft multi-let office building producing €1.5 mln per annum and Chapter House on Upper Abbey Street, a 78,000 sq ft building, primarily let to the OPW with 9 apartments producing just over €3 mln per annum.
