The buoyant market for high- value office blocks in Dublin city centre has prompted another group of investors to offer for sale a high-quality building in the International Financial Services Centre.
Joint agents HT Meagher O’Reilly and Jones Lang LaSalle are guiding €30 million for New Century House, on Mayor Street, which will give new owners a return of more than 9 per cent.
The property is comprised of two adjoining buildings occupied by the Bank of Ireland and its subsidiary ICS Building Society. A dividing wall between the two buildings was removed some years ago and the complex now interconnects at all levels.
The floor areas of 3,716sq m (40,000sq ft) in each of the blocks are held on two 25-year, full repairing and insuring leases from January, 1999.
However, the leases include break options in 2016. Both buildings are heavily used at present and are producing a combined rent of €2,847,444. The passing rent, at about €344 per sq m (€32 per sq ft), is broadly in line with market levels in the city.
New Century House was developed in 1999 by Christopher Bennett and acquired by an investment syndicate headed by Derek Quinlan.
The six-storey over basement block is fitted out to third-generation specification, including raised access floors, suspended ceilings with recessed lighting and impressive lobbies.
Adrian Trueick of HT Meagher O’Reilly said the arrangement of the offices and cores allowed for an excellent level of flexibility. It permitted the sub-division of the building into two self-contained separate entities, each with its own entrance.
It also permitted each floor to be divided into two or three separate tenancies, each with its own entrance from the lift lobbies.
There was also scope to extend the complex with the possible infill of the existing surface car parking on Commons Street.
