Iput and Davy seek €71.5m for Citywest office scheme

Having developed and let some 220,000sq ft of offices at the Waterside in Dublin’s Citywest Business Campus between 2009 and 2016, Iput and Davy Real Estate have decided to cash in on their respective interests in the scheme. The portfolio, which is guiding at a price of €71.5 million through agent Savills, offers the prospective purchaser a net initial yield of 7.3 per cent (after standard purchasers’ costs) along with the opportunity to develop a further 16,732sq m (180,100sq ft) of grade A office space.

Located in a prominent position fronting on to the N7 dual carriageway, the Waterside scheme currently comprises a total of 20,372sq m (219,281sq ft) of offices arranged across five blocks, with 973 car parking spaces at basement and surface level. The portfolio is currently 92 per cent occupied and has a weighted average unexpired lease term (Wault) to break and expiry of four years and 10 years respectively. The tenant mix, which includes SAP, Fidelity, Glanbia and Astellas Pharma, is producing a rent roll of about €5.75 million per annum, with 82 per cent of this annual income coming from SAP and Fidelity.

The Waterside scheme comes with the added benefit of planning permission for the construction of a further 16,732sq m (180,100sq ft) of grade A office accommodation arranged across three buildings on a site area of 3.74 hectares (9.24 acres). The development of blocks 6, 7 and 8 Waterside will complete the approximate 37,161sq m (400,000 sq ft) Waterside scheme across eight headquarter buildings. Typical floor plates within the approved development range from approximately 1,649sq m to 1,830sq m (17,750sq ft to 19,700sq ft). Each building will be able to provide about 5,574sq m (60,000sq ft) to a single occupier or can be combined to provide a single 180,100sq ft headquarter premises across all three buildings.

The wider Citywest Business Campus has long been acknowledged as one of Dublin’s prime suburban office locations. Home to numerous international occupiers, the campus has excellent transport connectivity thanks to its location immediately adjacent to the N7, its proximity to both the M50 and M7 motorways, and its direct access to the Luas red line. Outside of its role as a location for business, the immediate area has seen large-scale residential development over recent years.

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Commenting on the proposed sale of the Waterside scheme, Fergus O’Farrell, director with Savills’ investment division, said: “This is an opportunity for investors to acquire high-quality, income-producing assets with excellent asset management potential while benefiting from a strong tenant line-up. Waterside is superbly located within one of Dublin’s prime suburban locations. We expect to see significant interest in this sale.”