Agent HWBC has been engaged by Grant Thornton as receiver to find a buyer for The Hive, a fully refurbished office investment at the Sandyford Business District in south Dublin.
The property – which was first put up for sale on behalf of Spectre, a joint venture involving U+I and US investor Colony Capital, for €34.4 million in 2022 – is being offered to the market now for €24.2 million.
The Hive, which was known formerly as Ballymoss House, underwent a comprehensive refurbishment in 2019. The building comprises 6,785sq m (73,000sq ft) of grade A office space distributed over four floors, and comes with LEED Gold certification, an A3 Ber rating, and the highest WiredScore and CycleScore ratings.
Located 500 metres from the Luas Green line stop at Sandyford and within a short drive of both the M50 motorway and the N11, the property also includes 114 car parking spaces, 96 cycle spaces and 12 EV charging stations.
RM Block
The Hive is generating annual rental income of €1.95 million, with a weighted average unexpired lease term (WAULT) of 8.2 years to expiry, underpinned by a strong tenant line-up, which includes the global connectivity software specialist Cubic Telecom, the FTSE-listed Grafton Group, and the infrastructure investor and asset manager NTR plc. Should a sale of the property proceed at the guide price, the new owner would be in line for a net initial yield of about 7 per cent.
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Iain Sayer of HWBC says: “The Hive is a prime example of the type of office investment attracting European capital today – long, secure income, blue-chip tenants, and best-in-class sustainability specifications. With strong occupier demand in Sandyford and an attractive yield profile, we expect interest from a wide range of investors.”
