Agent Knight Frank has been hired to market a prime office building and adjoining multi-storey car park in Dublin city centre鈥檚 International Financial Services Centre for a price over EUR 28 mln, representing a net initial yield of 9.4%.
Agent Knight Frank has been hired to market a prime office building and adjoining multi-storey car park in Dublin city centre鈥檚 International Financial Services Centre for a price over EUR 28 mln, representing a net initial yield of 9.4%.
The asset is to be offered for sale on the instructions of its owners, the Liffey Partnership, controlled by investor Derek Quinlan and property developer David Arnold.
The National Asset Management Agency (NAMA) will provide vendor finance of 70% Loan to Value, with a 3% margin and a 1% arrangement fee. This is being offered on a five-year term, but could potentially increase to a seven-year term, according to Paul McDowell, managing director and head of investment at Knight Frank Ireland.
Situated on Commons Street, in the heart of the IFSC in the north docklands, the fully-let property is an unusual office building known as The Forum which provides the only public car park in a highly populated, premier financial and business district.
Developed in 2003 and first let in 2004, The Forum comprises 47,108 sq ft (4,376 m2) of office space and a 370 space multi-storey car park. The offices are leased by a large German bank, Depfa Hold One, with its parent company Depfa Bank plc guaranteeing the lease.
