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George’s Court & 90 North King Street, Smithfield, Dublin 7
JLL is delighted to bring to the market a Dublin city office investment at George’s Court & 90 North King Street, Smithfield, Dublin 7 on behalf of the Receiver, David Carson of Deloitte.
This is an excellent opportunity to acquire modern city office premises with Irish Government tenants at a guide price of €21.3 million / 10% initial yield. The two adjoining office blocks extend to 11,245 sq. m (121,038 sq. ft.) with 6 stories over 68 basement car parking.
90 North King Street extends to 44,133 sq. ft. with 25 car spaces. It is fully let to the Commissioner of Public Works in Ireland (Irish Government) on a 20 year lease from 1st April 2008. There is a tenant break option on 31st March 2018 subject to 12 months written notice.
Georges Court extends to 76,905 sq ft with 43 car spaces. The ground and first floor offices are also let to the Commissioner of Public Works in Ireland (Irish Government) on a 20 year lease from 15th December 2008. There is a tenant break option on 14th December 2018 subject to 12 months written notice. The fourth floor is let to the Law Society of Ireland on a 10 year lease from January 2013 with break options at year 6 and 7.
The total current rent is €2,225,457 per annum, with 90% of the income from Government bodies
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