Broker Savills has placed Marshalsea, Merchant鈥檚 Quay, Dublin on the market with a guide price of 鈧�23.5 mln. The building is multi let to nine tenants with over five years weighted unexpired lease term.
The annual rent roll in Marshalsea is 鈧�1.45 mln equating the guide price of 鈧�23.5 mln to a net initial yield of 5.59% (after standard purchasers鈥� costs).
The office block extends to 43,335 sq ft over ground and 4 upper floors and includes 70 car parking spaces in the adjoining multi-storey car park, accessed from Cook Street. Marshalsea sits across the River Liffey from the Four Courts and benefits from 27.5m of river frontage.
Marshalsea was acquired in April 2019 by a private buyer as part of the overall Merchants Quay Portfolio. Since the time of acquisition, a significant refurbishment programme was undertaken which included landscaping and planting of the courtyards, reroofing, new bathroom / office fitouts and refurbishment of the reception and stairwell.
Leasing activity since acquisition included a regear of a lease with Dublin City Council along with new leases to the Irish Motor Neurone Disease Association, Microchip Technology, National Advocacy Service and GCS Recruitment. The building is now 100% occupied with circa 70% of the floor area occupied by State backed / NGO organisations.
Marshalsea has 6.3 years left to expiry and is subject to an upward only rent review in January 2022.
The asset has potential for further redevelopment with a feasibility conducted to add two floors to the building bringing the total area to 64,659 sq ft (GIA).
Fergus O鈥橣arrell of Savills commented: 'Marshalsea presents investors with the opportunity to acquire a recently refurbished income producing office block in an excellent location along the River Liffey.'
