A range of Irish and international investors are expected to express their interest in the sale of 4 Custom House Plaza, a fully let office investment in Dublin’s IFSC. The property, which is multi-tenanted, is being offered to the market by agent TWM at a guide price of €10 million. Should a sale proceed at that level, the new owner would be in line for a net initial yield of 8.45 per cent, after standard purchaser’s costs of 9.96 per cent.
The proposed disposal of 4 Custom House Plaza comes 10 months after Irish family office Ardvest’s acquisition for €24 million of the neighbouring properties, numbers 3 and 5 Custom House Plaza. The two buildings extend to a total net internal area of 60,606 sq ft (5,631 sq m) and are generating €2,656,974 in annual rental income, with 50 per cent of the rent roll derived from Citco Fund Services. Other tenants include FlexiFi Europe Services, Companjon, Maxol and Device Atlas.
Number 4 Custom House Plaza extends to a net internal area of 1,811 sq m (19,500 sq ft) distributed over five floors, with 20 secure basement car-parking spaces. The building is fully let to five tenants and is generating overall annual rental income of €929,414.
The property is situated immediately adjacent to Connolly Station, which provides Dart, commuter rail and Luas services.
Kim Moran of TWM says: “This is an excellent opportunity to acquire a fully let office investment in the heart of the IFSC. We expect to see interest in this sale from both domestic and international investors.”