Dublin-based Ardstone Capital has emerged as the purchaser of a distinctive office building at 85 Pembroke Road, Ballsbridge, Dublin 4.
Ardstone, described as a “boutique” European real estate investment manager and founded by Donal Mulcahy and Donal O’Neill, paid €4.75 million for the building, which is rented by AIB. It will show a net initial yield of 6.95 per cent.
DTZ Sherry FitzGerald originally quoted over €3.9 million for the building, which was last sold for €10.5 million in 2005. The block formed part of a larger portfolio in Ballsbridge acquired by Bernard McNamara, Gerry O’Reilly and David Courtney when they competed against other developers for key properties in the Ballsbridge area. The latest sale was carried out on the instructions of Declan McDonald of PwC, who was appointed receiver to the holding company by the Danish-owned National Irish Bank.
The three-storey office building extends to 874.29sq m (9,410sq ft) and is let to AIB Capital Markets on a 35-year lease from 1989 with no break options. The rent is €345,000 per annum.
DTZ recently sold Carrisbrook House, an eight-storey office building and a residential mews, for over €16 million.
Ready-to-go site makes €710,000
A development site of one-third of an acre at Milltown Road in Dublin 6 has been sold for €710,000.
Lisney handled the sale for fixed receiver Ed Lyons of Mason Owen Lyons.
The site has planning permission for five terraced houses and an underground car park. A second permission would allow it to be used for a 41-bedroom nursing home.
€750,000 for VW showrooms
Agent DTZ Sherry FitzGerald is quoting €750,000 for the VW motor showrooms at Stillorgan Industrial Park in south Dublin. The building is let to MSL Volkswagen at €127,000 per annum. The lease expires next September and the tenant does not have renewal rights. The service element of the business operates as a separate entity and is not affected by the sale. DTZ’s Brendan Smyth says a purchaser will have ample choice of service premises within the park.
The showrooms has glazed elevations and fronts on to Blackthorn Drive. There is a display area for 12 cars, with ancillary parking for 30 more.
