Agent’s Knight Frank are to sell Independent House in Dublin 1, the HQ city centre office block home to Independent News and Media (INM) with Supervalu trading from the ground floor. Both established tenants have been in situ since 2004 and with a combined rent roll of €1,782,200 per annum the opportunity will afford investors a net initial yield of 5.6% at the €29 million exclusive guide price.
Independent House occupies a prominent position at the corner of Talbot Street and James Joyce Street, facing onto one of the busiest approaches to Dublin City Centre. The immediate surrounding area comprises a mixture of retail, office, hotel and residential uses.
Talbot Street benefits from high volumes of both pedestrian and vehicular footfall, connecting Connolly Station to North Earl Street and onwards to O’Connell Street/ Henry Street, Dublin City’s primary thoroughfare and busiest retailing district.
O’Connell Street and its surrounds are set to benefit from a number of key development initiatives which includes the refurbishment and extension of the former Clery’s department store. Well underway, that development will incorporate over 10,000 sq.m. of new office accommodation, a new 176 bed four star hotel and a rooftop bar. Hammerson also has large scale plans for an extensive outdoor retail regeneration project on the west side of O’Connell Street, with office, hotel and residential elements to incorporate a future MetroLink station. Finally, Dublin City Council is also seeking to progress its plans for its new Public City Library on Parnell Square as part of the wider Parnell Square Cultural Quarter initiative.
Independent House is a modern, mixed-use property providing four floors of grade A office accommodation over retail at ground floor. It extends to a net internal floor area of approximately 5,123.69 sq m / 55,151 sq ft. in total. The property boasts a polished stone façade at ground floor level and an attractive red brick façade to the upper floors.
The entrance to the offices is off Talbot Street and the building features a glazed corner façade on Talbot Street and Joyce Street adding to its HQ status and allowing ample natural light into the office floor plates at each upper level. The fourth and fifth floors also benefit from generous communal south facing balconies and terraces overlooking the city.
The office space, totalling approximately 4,173.03 sq m, is arranged to comprise an open plan layout with raised access floors and suspended ceiling and has been finished to a high internal specification to provide air conditioning, Cat 5 cabling and Comms rooms with a fire suppression systems. The fouth and fifth floor also boast generous terrace amenity areas. Each floor is supported by a kitchenette facility and male and female WC’s and shower facilities. Vertical access throughout the office space is provided by 3x Schindler 10 person lifts.
The retail space at ground floor level extends to approx. 896.43 sq m. The unit has been fitted out by the tenant which is finished to the high quality that SuperValu and their café offering, Frank & Honest, produce nationwide. There is ancillary storage in the basement of approximately 54.23 sq m.
The property benefits from 26 secure basement car parking spaces that are accessible off Foley Street.
INM occupy the building under a 25 year FRI lease from September 2004. INM, is one of the largest newspaper and online publishers in Ireland and is the largest wholesale distributor of newspapers and magazines on the island. The company’s annual report and accounts stated a pre-tax profit of €24.1m, total revenue of €191m and cash equivalents of €81.7m. Independent News & Media is a subsidiary of Mediahuis who bought the INM for €145.6 million in 2019. 2019 was a year of investment and international growth for Mediahuis. The group realised a consolidated turnover of € 857.9 million. Mediahuis was established in 1989 and it boasts a D&B financial strength rating of 5A (strongest rating) and a D&B Risk indicator of 1 (minimum risk rating)
SuperValu is trading on a 25 year FRI lease in this city centre store from December 2004. SuperValu is part of the Musgrave Group, Ireland’s largest grocery and food distributor. With 223 stores throughout Ireland, SuperValu has thrived in Ireland for over 30 years and has become a well-established landmark across Irish communities. It currently holds 21.7% of Grocery Market Share in Ireland. Kane McCartney group who operate the Talbot Street site, operates numerous SuperValu stores across Dublin to include, Donabate, Killester and Raheny.
Knight Frank are seeking excess €29 million for the landmark investment asset that has a WAULT of circa 5.44 years. For more information contact Ross Fogarty at 01 6342466 or go to www.independenthousedublin.com