Savills has completed the sale of The Marker Residences for over €50.1m on behalf of Brehon Capital Partners Ltd and Midwest Holding. The property is to be acquired by “I•RES”, Irish Residential Properties Real Estate Investment Trust (IRES REIT).
The Marker Residences is one of Dublin’s most prestigious residential developments consisting of 84 no. 2 bedroom apartments which have an average size of 108 sq.m., 6 commercial units extending to over 13,111 sq.ft and 113 car parking spaces at single basement level car park. The development is effectively 100% occupied and currently produces an annual rent in excess of €2.5 million per annum.
Rental levels for the apartments have grown considerably over the past 18 months with new lettings now at €2,400 per month. Passing rents within the scheme range from €1,900 – €2,400 per month. Additional income is derived from the basement level car park where net operating income for first year trading is excess of €200,000. There is also a total of six commercial units which produce a current rent of €275,000 per annum, tenants include Lolly & Cooks, Smiles Dental, KBC Bank, GSN Pharmacy and Hanover Medical.
Commercial unit 4B which consists of 2,718 sq.ft of office space at mezzanine level is also set to become the new HQ for IRES REIT’s operation in Ireland.
The property, situated in Grand Canal Dock is close to the Bord Gais Energy Theatre, numerous bars, cafes, restaurants and high profile office developments including Riverside IV and Grand Canal Square. Occupiers within the development can access and use the luxury gym and spa facilities as the residences is interconnecting with the award winning 5-star Marker Hotel which Brehon will retain full ownership of.
Fergus O’Farrell, Director, Dublin comments: “We are extremely happy with the outcome of this sale. This result reflects the outcome of the work done by Brehon Capital Partners who acquired the property in 2011 and competed the unfinished Marker Project into what is now a development finished to the highest standards with effectively 100% occupancy. The sale of The Marker Residences builds on the continued improvement in transactional activity witnessed in the Irish market in 2013 and the first half of 2014 and the increased prices investors are paying to secure prime Irish commercial property.”