IFSC office investment sells for almost 20% over guide price

QRE sells four-storey office for over €5m after existing tenant rents vacant top floor

The office investment at 12-13 Exchange Place in Dublin’s IFSC was originally offered for sale for €4.4 million on behalf of receivers PwC

Agents QRE have sold an office investment in Dublin’s International Financial Services Centre for almost 20 per cent above the guide price.

Conor Whelan and Aishling O'Hanlon originally quoted €4.4 million for the four-storey office investment at 12-13 Exchange Place which was offered for sale on behalf of receivers PwC. The top floor of the 1,055sq m (11,351sq ft) building was vacant at that stage, but after one of the existing tenants, Elix Aviation, opted to rent the available space at €484 per sq m (€45 per sq ft) there was a renewed round of bidding before the property was knocked down to a private Irish investment fund at €5,175,000.

With the rent roll now at €290,000 per annum, the new owners can bank on a return of almost 5.35 per cent after allowing for purchasing costs of 4.46 per cent.

The other two tenants are Reuters Ireland and Willis Mitsui.

Jack Fagan

Jack Fagan

Jack Fagan is the former commercial-property editor of The Irish Times