Property advisors CBRE and Savills have brought a collection of retail and office buildings in the greater Dublin area to the market for a guide price of €123.4 million representing a net initial yield of 5.65%. Investors will also have the option to bid for individual assets.
The sale offers investors an opportunity to acquire prime Dublin office and retail investments over a diverse group of eight properties available as a whole or as individual assets.
The portfolio offers a combination of prime offices, high street retail and suburban retail investments and is generating a rental income of €7.3 million per annum. 40% of the income is generated from the offices, while 60% is from the retail assets. The weighted unexpired lease term is over eight years. The total floor area is over 330,000 ft² (30,657 m²) and with 26,000 ft² (2,415 m²) of vacant space, there is scope to increase the income.
Fergus O’ Farrell, director of investment at of Savills comments:“This is an exceptional collection of Dublin based assets offering investors prime opportunities in both the retail and office sectors. The office market is going through a strong growth phase in rental values and the retail market has stabilised. This collection offers private investors the opportunity to secure prime assets or for the larger funds an opportunity to acquire a diversified collection of assets. Given the lot size of both the individual properties and the entire collection, along with the diversity of the assets on offer, we would expect significant interest from both national and international investors.”