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One George’s Dock is a high profile quality modern office building in the heart of the International Financial Services Centre, with five storeys over basement extending to 44,483 sq. ft. (4,132 sq. m.) and 46 basement car spaces.
The entire is let to J.P. Morgan Bank under a single 25 year FRI lease from 6 December 1996 (5.15 years remaining at the time of sale) with upwards only rent reviews. The passing income was €1,804,748 per annum which represents 80.44% of the full open market rental value of the building. The building reverts to 100% of full rental value upon lease expiry in 2021.
The property was launched for sale with a high profile marketing campaign in October 2016 with a guide price of €36.5m Prior to launch JLL completed a full financial review, legal due diligence, datasite, brochure, measurement survey and compliance due diligence. JLL called for bids mid-November and our client granted a period of exclusivity to one party and the contract was signed in December 2016.
On behalf of the vendor, JLL successfully completed the sale of One George’s Dock to Swedish investor Catella for €40.15 million. Catella are an experienced fund who are new entrants to the Irish market with this being their first acquisition.
This sale clearly demonstrates JLL’s ability to attract new entrants to the market and by running an exemplary process achieving superior results for our clients.
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