A portfolio of four properties in Dublin – known collectively as the Magellan portfolio – has been put on the market by BNP Paribas Real Estate at a guide price in excess of €49.5 mln.
The four properties range from prime offices at Hatch Street in the city centre to a logistics and HQ building at Fonthill Business Park.
The buildings currently produce a rent income of €2.4 mln per annum and will provide the new purchaser with a net initial yield of 4.70%. BNP Paribas Real Estate said the portfolio has opportunities to increase income and estimates the rental value at around €2.9 mln per annum.
Kenneth Rouse, head of investment and finance at BNP Paribas Real Estate, said the properties are to be offered for sale in one lot. ‘It is rare to come across a portfolio sale offering such high quality assets with a mix of prime offices and logistics and with upside in terms of rental income going forward.’
One Hatch Street, Dublin 2 is a 2,750 m2, Grade A office building currently let to Deloitte & Touche.
Unit 21, Fonthill Business Park, Dublin 22, located adjacent to the Liffey Valley shopping centre is a 7,820 m2 logistics building let to United Drug on a 10-year FRI lease from June 2013.
Maple House in Stillorgan in South County Dublin is a mixed-use retail and office property let to KBC Bank Ireland. The first and second floor office suites offering a total of 720 m2 are vacant.
Unit 2 in Swords Business Park is located in North County Dublin and is let on a 25-year FRI lease to DVS Road Ltd. The unit comprises 1,670 m2 of warehouse space and offices 640 m2 of offices.
