IPB Insurance has emerged as the purchaser of two modern office investments at Grove Court in Blanchardstown, Dublin 15. The selling price of €13.4 million was €1.4 million above the initial guide figure quoted by Colm Luddy and Emma Courtney of selling agent CBRE.
Blocks three and four have an overall floor area of 6,335sq m (68,200sq ft) and are located opposite Blanchardstown Town Centre and Fingal County Council’s offices.
Designed by Scott Tallon Walker and built in 2007 by Bernard McNamara, the buildings have a full range of third-generation specifications including full height reception areas, raised access floors and air conditioning.
They currently produce a rental income of €979,200 with an average of 12 years to run on the various leases.
Crucially, 98 per cent of the rental income comes from State agencies including the Office of Public Works, Blanchardstown District Court and the HSE which operates a primary care centre there.
The other tenants include a number of medical practitioners.