The prospect of a 5.14 per cent net initial yield from a strong tenant covenant in a prime location is expected to see interest from a wide range of investors in the sale of Charlemont House in Dublin city centre.
The subject property, which comprises a four-storey office building of 863sq m (9,294sq m) is being offered to the market on behalf of US real estate firm Kennedy Wilson at a guide price of €6.5 million.
Charlemont House comes for sale fully let to Glennon Insurance at a contracted rent of €367,210 per annum. The firm signed a new 10-year lease with no break option from July 2020.
Frank Glennon Ltd are an established, well-regarded insurance brokers and consultants who provide a range of services for both personal and business clients alike. The company has been in operation for more than 70 years providing insurance products both domestically and internationally, as well as delivering independent, professional, creative, and competitive insurance including risk management solutions.
Charlemont House occupies a high-profile position overlooking Dublin’s Grand Canal and immediately adjacent to the Luas green line stop at Charlemont.
Charlemont is a much sought-after occupier location owing to its close proximity to the city centre, its surrounding amenities and ready access to reliable public transport. The area is home already to a number of high-profile corporates including Zendesk, Viasat, Metlife, Mercer and Future Finance, while Amazon is due to take occupation shortly of a new 170,000sq ft campus at Charlemont Square.
Commenting on the sale of Charlemont House, Fiona Kennedy of CBRE’s investment properties division, said: “We expect good interest in this property as the market becomes more active. Properties that combine the excellent location and income security offered by Charlemont House rarely come for sale.”