French investor Iroko Zen has made its 22nd investment in the Irish property market, paying €23.165 million for Macken House, a fully let and fully upgraded office investment in the IFSC.
Located on Mayor Street Upper, and immediately adjacent to The Point stop on the Luas red line, the subject property comprises a modern six-storey building of 4,770sq m (51,347sq ft) with 42 basement car-parking spaces.
The first to fifth floors comprise office accommodation accessed through a ground-floor reception and are let to Italian luxury jewellery brand, Bulgari, and FM104 owner, the Wireless Group.
The ground floor includes an office unit of 1,454sq m (15,635sq ft) let to Virgin Media, along with two retail units with a total combined space of 345sq m (3,717sq ft) with direct street-level access to Mayor Street Upper. The retail space is fully leased to Insomnia and Mulligans chemist.
RM Block
The property is generating a passing rent of €2.02 million a year, with the three office leases accounting for almost 90 per cent of the total rent.
Following the regear of one of the office leases in 2023 as well as recent completion of market reviews on the other two office leases, Macken House has a weighted average unexpired lease term (WAULT) of 5.3 years to earliest break/expiry.
The building underwent a comprehensive sustainability upgrade under its previous owner and holds a B1 Ber rating and LEED O+M Gold certification.
Michele McGarry of Colliers advised Iroko Zen on its purchase of the property while Sandra Walsh of JLL advised the vendor, Tetrarch ICAV, which had owned and managed the property on behalf of the ESB Pension Fund.
McGarry said: “Macken House is a prime city-centre investment. Its strong tenant line-up, excellent location and strong ESG credentials were the driving factors for this acquisition.”
Walsh said: “This sale demonstrates the continued appetite for office investments with a strong tenant profile and solid ESG credentials.”
