€32 million guide price for office building in Kilmainham

By Maurice Garvey

AVESTUS Capital Partners and its joint venture partner Ares Asset Management are looking to sell the last of the three Kilmainham office buildings which they acquired in 2016. 

Agent Knight Frank has set a €32m guide price for One Kilmainham Square in Dublin 8, a Grade A office building which generates annual income of €2.07m.

One Kilmainham Square compressor

Guide price of €32 million for One Kilmainham Square

Knight Frank say the guide price sale would provide an attractive return of 6 per cent with potential to increase the yield in the short term by letting a vacant office suite of 393 sq m.

In addition, if rent reviews on the first, second and third floors in early 2020 were agreed at the levels of recent lettings, the yield could increase to 7.25 per cent.

Occupiers include Heineken, Parexel Pharma and Klas Telecom with a weighted average unexpired lease term of about 7.3 years, with 5.62 years to break term.

The property is held in a fund managed by Avestus Capital Partners, which acquired it as part of a portfolio that in turn had been part of the Liffey Collection.

Kilmainham One is located close to Heuston Station, with easy access to city transport links.

The site was developed by John Lally’s company Lalco in 2008 and it was originally let to Amazon.

Lalco also developed the nearby Hilton Hotel which was subsequently purchased by Tifco Group, which sold its hotels portfolio to Apollo Global Management.

Kilmainham One extends over five floors with basement car parking.

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