February 17, 2019
In what will be among the largest investment sales this year, agents Savills and CBRE have been instructed by owner Park Developments to sell the Reflector office building on Hanover Quay in Dublin’s south docklands with a guide price of €155 million.
It will produce an annual rent roll of about €7 million – this figure includes an underwrite for some vacant office and retail space – with a weighted average unexpired lease term of 12 years. Given the asking price, this would suggest a net initial yield of 4.2 per cent.
The six-storey over-basement building – with an A3 BER rating and built to LEED Gold V4 standards – has 11,250sq m (121,089sq ft) of office space, 329sq m (3,546 sq ft) of restaurant space and 34 car-parking spaces.
It is split into two wings – east and west – with 3,012sq m (32,416sq ft) in one, occupied by software provider LogMeIn, and 8,234sq m (88,673sq ft) in the other where tenants include Airbnb, LogMeIn and web designer Wix.
Airbnb has just agreed to lease 3,715sq m (40,000sq ft) at the Reflector which is beside its European headquarters building in a former warehouse that extends to 3,574sq m (38,471sq ft). The company is planning to link the two blocks. Read More>