Part of the Century Court development in the centre of Dún Laoghaire is new to the investment market this week at more than €3 million through Cushman & Wakefield, which would reflect a net initial yield of 12.45 per cent.
Century Court is a mixed-use scheme on Upper George’s Street, and consists of four adjoining blocks extending to 1,630sq m (17,544sq ft).
Included in this sale is Block A, the first to third floors of Block B, the second and third floors of Block C, and the second and third floors of Block D, as well as 30 underground parking spaces.
The assets for sale generate a rent roll of €390,166 per annum from five tenancies, with a weighted average unexpired lease term of three years.
An Post has occupied the ground and part of the first floor of Block A since 1995, and pays €135,000 per annum in rent. The rest of Block A is let to Sagem Security and Clickworks, who are both in situ since 2016.
St Nicholas Montessori Society of Ireland, a trainer of Montessori teachers, occupies the second and third floors in Block C, while the third and fourth floors of Block D are leased to The Saint John of God Trust (Lucena Clinic) which provides mental health services to children and adolescents.
The agent says there is an “immediate opportunity” to increase the rent roll by leasing three floors of vacant offices in Block B
.
