Landmark IFSC office investment seeks €54m – The Irish Times

The combination of the sheer weight of capital raised for real estate investment and the relative dearth of prime opportunities to have emerged since the easing of Covid-19 restrictions is expected to see strong interest in the sale of No 1 Harbourmaster Place.

One of the first office blocks to have been developed in the IFSC, the property has been brought to the market by agent CBRE at a guide price of €54 million,

The entire is let to KPMG under a 35-year lease from February 1991, which expires in 2026. The tenant is currently paying an annual rent of € 3,054,863 which breaks back to €46 per sq ft and €3,750 per car space.

Rent reviews are upwards-only at five-year intervals, leaving one final review to be completed in 2021. The lease is on standard institutionally-acceptable full repairing and insuring (FRI) terms.

The guide price of €54 million reflects

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