Savills to sell Dublin office and development site

International property adviser Savills has launched the sale process for an office building and a development site in Dublin's principal office district. The existing office building, 78 Sir John Rogerson’s Quay (SJRQ), along with an adjoining site, occupy an island site totalling 1.63 hectares in the in South Docklands district.

Savills is marketing the assets as a combined or individual sale on behalf of insolvency specialist Grant Thornton, acting as joint receiver to SJRQ Investments Limited and SJRQ Property Investments. The properties are being offered at a combined guide price in excess of EUR 105 mln.

The existing office building is let in its entirety to State Street International (Ireland) with a guarantee from State Street Corporation on a 25-year lease from August 2009, subject to a break option after 10 years.

The building is currently generating a rental income of EUR 7.8 per annum, equivalent to approximately EUR 452 per m². The property extends over a double basement, ground and seven upper floors and comprises 16,226 m² of office accommodation with 140 basement car parking spaces.
Savills said that the asset is considered to be the highest specified office building in the Dublin Docklands district.

The undeveloped waterfront site adjoining the existing office building extends to approximately 1.24 hectares. Savills said that the gateway site is recognised as one of the last remaining prime development opportunities of significance in the South Dublin Docklands. The site can accommodate approximately 33,300 m² of office accommodation, 1,040 m² of commercial space and 80 apartments subject to planning consent.

The South Docklands area is home to many internationally recognised corporate occupiers such as Facebook, Google, HSBC, O2, Bank of New York Mellon and Accenture.

Domhnaill O’Sullivan, investment director at Savills Ireland, commented: 'Given the central location, build quality and investor appetite for third generation offices let to blue chip covenants we anticipate a strong level of interest in the property. The unique nature of the adjoining site is sure to attract similar interest at a time when there is a shortage of Grade A office accommodation in Dublin 2 and major occupiers such as KPMG and Bank of New York Mellon are seeking up to 22,400 m² and 16,000 m² respectively.'