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Five prime Dublin city centre properties are set to go up for sale from international firm Savills.
The expert property advisor is launching Connaught House, Kingram House and three properties on Grafton Street onto the market on behalf of the Joint Receivers, Michael McAteer and Nicholas O'Dwyer of Grant Thornton.
Each property will have its own sales process, with the Grafton Street assets available to purchase as a collection in one or more lots.
Connaught House, which lies in the heart of Dublin 4 on Burlington Road, comprises approximately 117,000 sq ft of Grade A office space across five storeys over basement. Multi tenanted to occupiers such as Macquarie Aviation Capital, Carlyle and Biohaven Pharmaceuticals, to name a few, Connaught House currently produces an annual income of just over €7m, averaging a rent per sq ft of €57.50, and has a WAULT of 3.8 years. The property also benefits from 87 basement car parking spaces. Immediate occupiers in the area include Amazon, Bank of Ireland, Huawei and AIB. Connaught House is guiding €125 million, representing an attractive net initial yield of 5.14% and €1,067 per sq. ft.
70, 78-79 & 116 Grafton Street offers a unique investment opportunity to acquire three prime retail assets on Dublin's premier shopping street boasting over 29,000 sq ft (NIA) and an impressive 25.5m of Grafton Street frontage. Tenants include Permanent TSB, Lush UK, Bewley's and City Break Apartments with a total passing rent of approximately €2.45m per annum and a WAULT of almost five years to break. 70 Grafton Street, which is let to Permanent TSB and City Break Apartments is currently producing an annual rent of €669,000 per annum and offers a very attractive WAULT of just under 16 years. 78-79 Grafton Street is home to Bewley's and is one of the most prominent landmark buildings on the street. Bewley's are currently paying a rent of approx. €1.46m per annum and have a lease expiry in August, providing investors with a unique opportunity to consider various asset management initiatives. The ground and basement of 116 Grafton Street is let to Lush on a 25-year lease until September 2025 at an annual rent of €285,000, while the 2-bed upper floor apartment is currently producing €28,800 per annum. The properties are for sale collectively or by individual lots with a total guide price of €29m.
Kingram House, centrally located off Fitzwilliam Place in Dublin 2, is a single-let office investment opportunity featuring a distinctive building design with a Georgian office to the front and a large four storey modern office block to the rear. It is let to the Irish Medical Council on a 20-year FRI lease from January 2013 benefiting from an attractive unexpired lease term of 10.7 years. The office extends to approximately 15,850 sq ft NIA and currently produces a rental income of €827,500 per annum, which equates to approx. €50 psf, with an upcoming rent review in January 2023. Kingram House’s location, being the central business district, is unrivalled and is in close proximity to St Stephen’s Green, Grafton Street and a range of city centre amenities and public transport infrastructure. Kingram House has a guide price of €16m representing an appealing net initial yield of 4.7%.
Commenting on the proposed sale, Fergus O'Farrell, Investment Director in Savills said: "These assets each offer unique opportunities, including both secure income returns and asset management prospects, in a market which is starved of high-profile well-located assets, and we therefore expect strong investor demand from a range of buyer types."
