A 50-50 joint venture of Irish building group Rhatigan and stockbroking firm Goodbody Stockbrokers has sold the Brunel office development in Dublin for about EUR 60mln to a private investor. The deal reflects a net initial yield of 5.35%. Savills Irish office, Savills Hamilton Osborne King, acted for the buyer.
A 50-50 joint venture of Irish building group Rhatigan and stockbroking firm Goodbody Stockbrokers has sold the Brunel office development in Dublin for about EUR 60mln to a private investor. The deal reflects a net initial yield of 5.35%. Savills Irish office, Savills Hamilton Osborne King, acted for the buyer.
The Brunel building is a 12-storey office block with a net area of 7,060 m2 and 75 car park spaces. Designed by Anthony Reddy & Associates the property will feature a curved glass façade and commands a pivotal profile onto Dublin's Grand Central Square. The building is designed to suit either a single corporate occupier or multiple occupiers, and the developer has provided rental underwrite for five years.
The Brunel building forms part of Heuston South Quarter, a large mixed-use development in Dublin, located adjacent to Heuston Station. The entire site will provide 50,000 m2 of office space and 350 residential units complemented by cafes, bars, shops and restaurants as well as a four-star Marriott Hotel and an entertainment venue. The property, which was acquired in 2004 by the partnership for EUR 79mln, is due for completion in March 2009
