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http://www.propertyweek.com/finance/hibernia-buys-central-quay-in-dublin%E2%80%99s-south-docks/5079405.article

22/02/2016

Hibernia buys Central Quay in Dublin’s South Docks

Hibernia REIT has bought Central Quay in the South Docks area of Dublin for €51.3m (£40m).

Kevin Nowlan, Hibernia

The office building, which was completed in 2007, totals 57,700 sq ft arranged over six floors with 26 car parking spaces.  It is currently 88% occupied with an average unexpired lease term of 10 years.  

The contracted rent is €2.5m (€47 / sq ft), representing a net initial yield of 4.5%.  Once fully occupied and following the re-letting of the third floor, where the current lease expires in September 2016, the yield on cost is expected to exceed 5.5%.  The purchase price equates to a capital value of €890 / sq ft.

Kevin Nowlan, chief executive of Hibernia, said: “We are very pleased to have acquired Central Quay, a Grade A office building which is well-located in the South Docks, the preferred location for many occupiers.  The property adds to our portfolio of high quality offices in Dublin’s city centre and is situated close to our existing assets in the South Docks.

“With some vacant space and upcoming lease expiries, there is an opportunity for us to increase the yield on cost of Central Quay to above 5.5% in the next 12 months and to above 6% in due course.”​



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