Agents Savills and HWBC said on Wednesday that they are marketing Two Haddington Buildings on Haddington Road in Dublin 4 with a guide price of €23.5 mln, reflecting a 5.5% net initial yield.
The building forms part of the newly branded ‘Haddington Buildings’ complex comprising three separate HQ style office buildings currently undergoing extensive refurbishment to ‘Grade A’ standards.
The agents said that they expect 'significant demand from a wide variety of investor types' either seeking to expand an already established property platform in Ireland or enter the market for the first time.
The investment sale is of Two Haddington Buildings only; a five storey HQ style property extending to 2,637 m2 with 11 car parking spaces.
Dentsu Aegis Network, a subsidiary company of the Japanese advertising and public relations firm Dentsu, have pre-let the entire space, resulting in an overall rent roll in excess of €1.4 mln per annum and a term certain of 10 years. Dentsu Aegis Network are currently fitting out their new Irish HQ to accommodate 130 staff.
The building originally formed part of the former Hibernian Insurance Headquarters comprising four office blocks extending to 113,000 sq ft which were acquired by Gerry Conlan in 2006. The blocks were subsequently linked to the Project Spring loan book consisting of loans associated with Mr. Conlan which Deutsche Bank acquired in 2014.
'This is an excellent opportunity to acquire a blue-chip investment in a market with a diminishing supply of good quality office space,' commented Roisin Rafferty of Savills.
Savills is also marketing a development land bank of over 5 acres in Dublin’s North Docklands for €27 mln. The broker, which is acting on the instruction of Duff & Phelps, said that area has the potential to accommodate a scheme of approximately 400 apartments ideally suited for the Private Rental Sector subject to securing the necessary planning permission.
According to Savills, the sale is expected to attract the interest of residential & PRS (private rented sector) developers and funds, as securing a site with such scale and in such a central location is a real rarity in the Dublin land market.
The property is currently occupied, however vacant possession is available by August 2018.
