Credit Suisse set to buy IFSC’s Century House for about €66m

Six-storey building leased to Bank of Ireland will show net return of 5% after rent review

New Century House in the IFSC is rented by Bank of Ireland

New Century House in the IFSC is rented by Bank of Ireland

 

The banker Credit Suisse is in a key position to purchase New Century House, a substantial office investment in Dublin’s IFSC that is rented and occupied by the Bank of Ireland.

Credit Suisse is believed to be the top bidder, at about €66 million, for the Grade A building, which was bought just over four years ago by Hibernia Reit for €47million. The investment will show a net return of about 5 per cent after a rent review early next year.

The six-storey over-basement building at Mayor Street in the north docks dates from 1999 and has a net internal floor area of 7,432sq m (80,000sq ft) as well as basement parking for 87 cars. The lease runs until 2024. Next January’s rent review will take into account an upwards only clause.

The current rent roll of €2,847,446 equates back to a figure in the low €30 per sq ft. The selling price is expected to work out to about €74.32 per sq m (€800/sq ft).

A feasibility study by Shay Cleary Architects suggests that the block can be extended by a further 3,158sq m (31,000sq ft) of office space by infilling the atrium at each level, reconfiguring the existing cores, and developing an additional floor to bring the overall capacity up to 10,609sq m (114,200sq ft).

New Century House was developed by Quinlan Private with the benefit of tax breaks then available in the IFSC.

Credit Suisse has played a prominent role in Ireland’s property investment market in recent years, having bought a number of high-profile properties, including the Golden Island shopping centre in Athlone for €43 million; the former Bord na Móna headquarters on Baggot Street for €36 million; La Touche House, one of three office buildings at the front of the IFSC, for €35 million; and One Grand Parade overlooking the Grand Canal in Dublin 6 for €18.1 million.

The Irish Times Logo
Commenting on The Irish Times has changed. To comment you must now be an Irish Times subscriber.
SUBSCRIBE
GO BACK
Error Image
The account details entered are not currently associated with an Irish Times subscription. Please subscribe to sign in to comment.
Comment Sign In

Forgot password?
The Irish Times Logo
Thank you
You should receive instructions for resetting your password. When you have reset your password, you can Sign In.
The Irish Times Logo
Please choose a screen name. This name will appear beside any comments you post. Your screen name should follow the standards set out in our community standards.
Screen Name Selection

Hello

Please choose a screen name. This name will appear beside any comments you post. Your screen name should follow the standards set out in our community standards.

The Irish Times Logo
Commenting on The Irish Times has changed. To comment you must now be an Irish Times subscriber.
SUBSCRIBE
Forgot Password
Please enter your email address so we can send you a link to reset your password.

Sign In

Your Comments
We reserve the right to remove any content at any time from this Community, including without limitation if it violates the Community Standards. We ask that you report content that you in good faith believe violates the above rules by clicking the Flag link next to the offending comment or by filling out this form. New comments are only accepted for 3 days from the date of publication.