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News Release

Dublin

New Century House, International Financial Services Centre, Dublin 1

Office Investment For Sale


 

Investors will have a chance to buy a high quality 3rd generation office investment located in the heart of the IFSC with the sale of New Century House on Mayor Street.
 
The property, which comprises two interconnecting buildings of approximately 7,432 sq.m (80,000 sq.ft), is being marketed by joint agents Jones Lang La Salle and HT Meagher O’Reilly.
 
New Century House is leased to Bank of Ireland under two 25 year, full repairing and insuring, leases from January 1999. As the blocks are both occupied by Bank of Ireland, the dividing wall between the two was removed and the building now interconnects at all levels.
 

 

The property produces an income of €2,847,444 per annum. The passing rent, at approximately €32.00 per sq.ft, is in line with market levels.

 

With a guide price of €28 million, the investment will provide a very attractive return of over 9.70%.
 
New Century House, which was developed in 1999, comprises a six storey, third generation office building, over a basement car park. The building is constructed of a reinforced steel frame with double glazed UPVC windows and is arranged in a U Shape around an open landscaped south-facing courtyard.
 
Internally the building is fitted out to a third generation specification, including raised access floors, suspended ceilings with recessed lighting and fully finished lobbies and toilets. The floor to ceiling height is 2.7 metres.
 

 

The arrangement of the offices and cores provides an excellent level of flexibility. It permits the sub-division of the building into two self-contained separate office buildings each with their own entrances. It also permits each floor to be divided into 2 - 3 separate tenancies each with its own entrance from the lift lobbies.
Subject to planning, the property offers the potential for further development with the possible in-fill of the existing surface car parking on Commons Street.
The building was designed by Scott Tallon Walker Architects and adjoins occupiers including Citi Group, Depfa Bank, AIG and A&L Goodbody.

 

 

 

With a combination of a prime city centre location and high quality specification, the investment is likely to appeal to both domestic and overseas investors. The return of 9.70% compares very favourably with other opportunities particularly given the relatively conservative base rent.