Agents QRE have sold Bracken Court in Sandyford for €3.3m, €550,000 above the guide price of €2.75million.
The building formed part of the Sandyford Collection portfolio, which was offered for sale in June 2015 along with Corrig Court, Silverstone House and Grafton House. The portfolio failed to sell and QRE were mandated to sell Bracken Court as a single lot.
Bracken Court was constructed in 2000 and occupies a high profile position at the junction of Blackthorn Road and Bracken Road. The building comprises a 4 storey detached property extending to a gross internal floor area of approximately 2,441 sq. m. (26,270 sq. ft.) together with a total of 59 surface car spaces. Approximately 50% of the building is vacant, with the balance being occupied by Prima Management Ltd, Infinite Technology and Irish Welcome Tours.
Conor Whelan confirmed that there was very strong interest in the building during the marketing campaign, which culminated in 10 bids being received.
Irish development company McGarrell Reilly Group was the successful bidder and have immediate plans to upgrade the building and enhance rental and capital value. Planning has just been lodged for enhancement works by architects MCA.
The sale price equates to €125 per sq. ft., which offers the new owner significant scope to add value in the short term.
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