Commercial Property Editor
Irish property company Ballymore and its Singapore partner, Oxley, are to embark on a forward sale of the first of five office buildings under construction in the Dublin docklands.
Joint agents CBRE and Knight Frank will be inviting offers in the region of €150 million for No 1 Dublin Landings, which will provide an initial return of 4.5 per cent.
The 10-storey block on North Wall Quay will extend to 13,300sq m (143,158sq ft) when it reaches "practical completion" in the first three months of 2018. It has already been fully let to the National Treasury Management Agency at an agreed rent of €538 per sq m (€50 per sq ft) and €4,000 for each of the 44 car parking spaces. The annual rent roll will be about €7,015,000, depending on final measurements.
The 25-year lease will include a break option after 15 years.
Dublin Landings is one of the most important regeneration projects ever undertaken in Dublin and will, on completion, extend to more than 100,000sq m (1,0763,380sq ft). In addition to the offices, retail and restaurant facilities, there are also plans to provide 288 apartments likely to appeal to many of the office personnel.
The selling agent says that in terms of “location, design and finishes, the development offers an international-quality product with the secure income flow guaranteed by a long-term letting to a State covenant”.
Sean Mulryan of Ballymore said No 1 Dublin Landings offered investors an opportunity to buy in at the early stages of the transformation of this part of the city centre."
