Complex Fumbally lane office in Dublin sold for €33.5 m

  • Complex Fumbally lane office in Dublin sold for €33.5 m
    Independent.t. E.
    M7 real estate has sold the office complex Fumbally Lane in Dublin 8 for €33.5 m.
    https://www.independent.ie/business/commercial-property/fumbally-lane-office-complex-in-dublin-sold-for-335m-37263035.html
    https://www.independent.ie/incoming/article37263037.ece/85f13/AUTOCROP/h342/01.JPG

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M7 real estate has sold the office complex Fumbally Lane in Dublin 8 for €33.5 m.

The office block was sold to PPG management Fund the capital cost per square foot. in the amount of 403 and reversionary yield of 8.5 PC on today’s estimated rental value.

The asset consists of a five-story office building with 55 underground Parking spaces and three period properties, including part off of the distillery, which was recently converted into high quality office space for a total amount of 83,699 square feet.

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In addition, the site also includes four residential buildings with a total area of 4000 square meters and construction, 0.4 ha.

M7 acquired the asset in December of 2016 the vacancy rate which is currently around 17pc 2pcs. Tenants include SMS marketing, software, Adar, SquareUp, Ditta sunglasses, Federation of the disabled Ireland and the Institute of technology in Ireland.

“We are pleased to acquire the complex Fumbally lane office from the M7 in a market deal,” Nick Cullen, Director of investments of the BSP, said.

“In almost full force Fumbally lane has established itself as a convenient and accessible City centre fringe location for media, technology and creative tenants.”

“The emergence in the immediate vicinity as a mixed use hub and wider regeneration of the Dublin 8 will enhance the attractiveness of this place for tenants in the coming years.”

CBRE acted for M7 real estate and Savills acted on a PDA.

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