Hibernia REIT is to sell a high-quality office portfolio in Dún Laoghaire, Co Dublin. Agents QRE Real Estate Advisers have been appointed to handle the disposal of nine office suites in Adelphi House on George’s Street Upper in Dún Laoghaire which will have a sale value of €2.75 million.
Seven of the suites are occupied and producing a rent roll of €215,000 and, with the two remaining units currently under offer, the rent is set to rise to almost €260,000. The overall return will increase to 9 per cent once the new lettings have been finalised.
The nine suites range in size from 117-320sq m (1,259-3,455sq ft) and, with the exception of one unit, are all on the first and second floors. They have an overall floor area of 1,453sq m (15,650sq ft) and come with 12 basement car parking spaces.
The tenants include Global Medics Ireland, Belgrove Homes, Coface Services, Eurotext Translations, Profitero Ltd, PLR Worldwide and File Tiles.
Conor Whelan of QRE said Adelphi House had been constructed to the highest standards and was in excellent decorative order. The office units had a regular layout and came with suspended ceilings, recessed light fittings and air conditioning.
Adelphi House was developed in 2008 by Dorville Homes and was purchased as part of a larger loan acquisition by Hibernia in 2014. The entire scheme comprised 23 apartments, nine office suites and two retail units. Hibernia acquired the retail and offices, together with 11 apartments. Six of the apartments have since been resold, while two retail units have been bought in by Leonardo Coffee.
