The successful investment sale of 12-13 Exchange Place completed in December 2016 for agents QRE, finishing their 1st year in business on a high with exceptional results.
Conor Whelan and Aishling O’Hanlon both handled the sales process on behalf of their client Ken Tyrrell who acted as Receiver on behalf of PwC.
The marketing campaign gathered strong interest from private individual investors and various funds alike. The property was marketed with a Guide Price of €4.3 million to gather interest and to anticipate offers close to €4.6 million.
Internally the property extended to approximately 11,351 sq ft (1,055 sq m) and consisted of the following tenants Reuters Ireland Ltd (Ground floor) Elix Aviation (2nd floor), and Willis Mitsui (3rd floor) with a passing rent in the region of €110,000 per annum.
12-13 Exchange Place offered interested parties a value enhancing opportunity as the entire 1st floor was vacant at the time the property was brought to the market and the existing leases in place were highly reversionary, offering prospective investors good asset management opportunities.
To further attract buyers, throughout the course of the sale Elix Aviation an existing tenant expressed an interest in taking on the vacant floor which further encouraged parties to increase their offers on the property.
After weeks of bidding, the property achieved an excellent result with an offer well in excess of its Guide Price achieving €5,175,000 million.
The offers were increased on the basis of the new proposed letting deal with Elix Aviation. Elix Aviation are now paying €45.00 per sq ft which increased the annual income to approximately €236,855 per annum offering an attractive return of approximately 4.79% for the new owner.
For more details on Investment opportunities or if looking for accommodation to lease please do not hesitate to contact Conor Whelan / Aishling O’ Hanlon.
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