InvestmentsThe Dublin Exchange Facility in the IFSC made twice its original guide price, writes Jack Fagan
One of the few buildings to go for sale in Dublin's IFSC in recent years has made twice the original guide price.
The Cosgrave Group has paid around €42 million for the three-storey Dublin Exchange Facility which was owned by the IDA. The 2,650sq m (11,086sq ft) block stands on a site of 0.21 of a hectare at the corner of Mayor Street and Commons Street. It adjoins the multi-storey car-park at the rear of the Custom House Quay and Jurys Hotel.
At the moment, 1,030sq m (11,086sq ft) on the first and second floors are vacant but, with the remainder of the space let at an average of €430 per sq m (€40 per sq ft), the rent roll is still €625,000. Once Cosgraves find a tenant for the vacant space the rent roll will rise to around €1 million.
When he offered the block for sale, Sean O'Neill of DTZ Sherry FitzGerald indicated that there was potential to utilise substantial unclaimed tax allowances amounting to about €6.5 million. This incentive will obviously be of good use to Cosgraves, one of the biggest developers in the Dublin market, which completed a substantial office development at George's Quay, almost directly opposite the IFSC.
The Exchange building is based on an old tobacco warehouse and was developed in two phases, the first in 1992, the second in 1995. The facilities include an exchange floor, which is not currently used, and this could be converted into office space.
