A private investor has bought three office suites at The Mall in Beacon Court, Sandyford, Dublin 18, for €3.65 million.
The purchase price will show a net initial yield of 6.8 per cent. This will rise to 7 per cent in 2021, when the annual rent roll is due to be increased from €269,400 to €280,000.
The end-of-terrace suites at the southern end of the enclosed glazed mall interconnect at floor level and provide a gross floor area of more than 981sq m (10,569sq ft). The three units share15 basement car parking spaces.
The Beacon Hospital in the same development holds a 20-year lease from 2016 at a passing annual rent of €269,400 up to 2021. There will be a fixed uplift to €280,000 per annum from 2021 to 2026, at which point the rent is due to revert to market levels.
Joint agents Stephen Conway of Colliers International and Nick O’Loughlin of Turley Property Advisers handled the sale. Matthew Vanston, BNP Paribas Real Estate, represented the purchaser, a private investor.
