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This is one of the largest investment opportunities offered to the Irish market in 2013.
Jones Lang LaSalle have today commenced marketing of Ulysses Portfolio on the instructions of the Receivers, David Hughes and Luke Charleton of EY and David Carson of Deloitte. Ulysses Portfolio is a portfolio of 25 properties located within central Dublin. This is one of the largest investment opportunities offered to the Irish market in 2013.
Ulysses Portfolio represents a rare opportunity for investors to acquire a high yielding mixed-use portfolio within Dublin city with the majority of income attributable to Government / Semi-State tenants. As well as benefitting from secure income, the portfolio provides the opportunity to continue the Vendor’s successful Asset Management programme to both enhance and drive future performance. The properties comprise a mix of single and multi-let offices, a variety of retail units and apartments (let on full repairing and insuring leases) and is being offered both as a single lot, or as three individual lots.
Geographically the portfolio is concentrated within the Dublin 1 and 7 areas (82.48% by passing rent) with the remainder in Dublin 2, 4, 8 and 20. It comprises a total floor area of approximately 546,500 sq ft, comprising 14 offices, 51 retail units, 31 residential units with 90 separate tenancies.The portfolio has a strong weighting towards Government / Semi-State tenants with over 53% of the passing rent attributable to them. The portfolio provides a current rental income of €13.94m per annum.
Highlights of the portfolio include 94 St. Stephen’s Green, which is a prime Dublin 2 office building let to the Department of Justice, King’s Inns House on Parnell Street, a 62,000 sq. ft multi-let office building producing €1.48m per annum, Chapter House on Upper Abbey Street, a 78,000 sq. ft building, primarily let to the OPW with 9 apartments producing just over €3m per annum, together with the Millennium Walkway Complex which comprises mixed office, retail and residential of 98,262 sq ft producing a total rental income of €1.95m, with over 27% of the income attributable to Government / Semi-State tenants.
In addition, the portfolio offers significant retail assets with approximately 117,000 sq.ft of retail space in various locations let to tenants such as Lidl, Spar, Butlers Irish Chocolates, Insomnia and Nourish.
John Moran of agents Jones Lang LaSalle advises that “this portfolio represents an excellent opportunity for investors to avail of the large lot size and complete portfolio of properties which provides strong income returns and significant Asset Management opportunities”.
They are quoting for the entire portfolio €140m which represents an income yield of 9.53% and an overall rate per sq. ft of €256.
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