Prime Dublin portfolio goes on market for €123m

Property advisers CBRE and Savills have put a collection of retail and office buildings in the greater Dublin area up for sale at a guide price of €123.4 mln, representing a net initial yield of 5.65%.

The portfolio offers a combination of prime offices, high street retail and suburban retail assets and generates a rental income of €7.3 mln per annum. Some 40% of the income is generated from the offices, while 60% is from the retail assets. The weighted unexpired lease term is over eight years.

The total floor area comprises over 30,657 m2 and some 2,415 m2 of the space is vacant, providing scope to increase the income, the advisers said. Investors will have the option to bid for individual assets as well as the entire eight-property portfolio.

Fergus O’ Farrell, director of investment at Savills, commented: ‘The [Dublin] office market is going through a strong growth phase in rental values and the retail market has stabilised. This collection offers private investors the opportunity to secure prime assets or for the larger funds an opportunity to acquire a diversified collection of assets. Given the lot size of both the individual properties and the entire collection, along with the diversity of the assets on offer, we would expect significant interest from both national and international investors.’

Colm Luddy of CBRE added: ‘While property collections sold in the current cycle have been sector specific this collection offers an opportunity to acquire a balance of prime Dublin City offices and a balanced Dublin retail holding.’

The lots for sale include:

- 20 on Hatch, Hatch Street
- Kilmore House, Spencer Dock,
- Five adjoining retail units at 18-21 Henry Street including one unit fronting GPO Arcade
- 43/44 Mary Street let to JD Sports
- 11/12 Duke Street and 52 Dawson Street let to Carluccio’s
- Nutgrove Centre
- Eight retail units at Beacon South Quarter
- 17/23 Upper Rathmines Road, Rathmines let to Tesco