A South Korean real estate investment trust has completed the purchase of one of the five office buildings under construction at Dublin Landings complex in the Dublin docklands. The REIT company JR AMC has paid €106.5 million for No 2, The Landings, which will show a net initial yield of 4.21 per cent and a reversionary yield of 4.65 per cent.
The block extends to 9,300sq m (100,000sq ft) and has been let to WeWork – which offers shared workspaces – at an initial rent of €4.87 million per annum with a fixed uplift to €5.38 million in year five. The Grade A building will be finished to shell and core stage with a LEED Platinum accreditation and 23 car-parking spaces.
The latest sale at Dublin Landings comes just over a we
ek after the
announced the purchase of blocks four and five beside its new headquarters on North Wall Quay, Dublin 1. The two new buildings will cost about €210 million and have a combined floor area of 18,850sq m (200,000sq ft). When they come into use the Central Bank plans to sell another office block close by on Spencer Dock, which it bought for €104 million to accommodate extra staff numbers.
Dublin Landings has about 93,000sq m (1,000,000sq ft) of top-grade offices, apartments and shops under development by Sean Mulryan's Ballymore Company and its Singapore partners Oxley.
Colliers International acted for the South Korean investment trust while Knight Frank and CBRE advised the developers.