A high profile residential and commercial investment is being brought to the market by Savills on behalf of the Dublin-based real estate private equity firm Brehon Capital Partners and Midwest Holding.
The Marker Residences presents investors with an opportunity to acquire one of the city’s most prestigious residential developments, strategically located in the heart of the vibrant South Docklands and adjacent to Grand Canal Square.
The building comprises 84 luxury apartments completed to exacting standard in addition to 6 fully occupied commercial units at ground floor level, with car parking provision for 113 spaces at basement level.
Brehon and Midwest acquired the residences and retail in 2011 as part of the mixed-use complex that includes the award winning Marker Hotel.
Commenting on the sale, Kevin McGillycuddy of Brehon Capital Partners said:
“We bought this extraordinary development at a time when there was little appetite to invest in Irish residential property and we’ve brought it to life and woven it into the fabric of the Docklands community. Three years on we are very optimistic that there will be a high level of demand from both domestic and international investors looking to acquire a uniquely located asset with an attractive rental yield, high quality tenants and significant growth potential.”
The exclusive development contains 84 X 2 bedroom apartments laid out across 9 building cores, set over six storeys, with only 2 apartments per floor.
Rental levels for the apartments currently range between €1,900 – €2,400 per month, producing a gross rental income of approximately €2.1 million.
The 6 commercial units extend to a total area exceeding GIA 13,559 sq.ft currently produce an annual of €275,000 per annum with an unexpired lease term of approximately 8.33 years. This income will exceed €350,000 per annum once stepped rent for Unit 4a is reached and lease terms for unit 4b currently under negotiation are finalised. The tenant mix is appealing and includes office and retail occupiers Lolly & Cooks, Smiles Dental Clinic, KBC bank, GSN Pharmacy and Hanover Medical.
The Marker Residences are generating current gross income of approximately €2.5 million per annum and are being offered for sale by private treaty by the sole selling agents Savills with a guide price of €40 million.
Fergus O’Farrell of Savills Investment department who is handling the sale, commented:
“This is one of the most exciting multifamily sales Savills have brought to the market. Given the prime location, 100% occupancy throughout the development and the size and quantum of high-end luxurious multifamily units on offer, it is anticipated that there will be unprecedented levels of interest in the property. The Marker Residences present an opportunity to become part of Grand Canal Square Dublin’s most salubrious address”.
The Marker Residences are located in the heart of Dublin’s South Docklands, an area which has undergone substantial redevelopment and has now become the most appealing urban quarter within the city comprising modern offices, theatres, hotels and high quality residential apartments and a host of retail, bar and restaurant offerings. The area is also credited with becoming an attraction for its innovative architecture.
Situated in a prime location, this exclusive development is located at the nexus of Dublin’s burgeoning business communities. The South Docklands is the choice for global tech giants such as Google, Facebook and LinkedIn, this area is also the Capital’s new legal quarter and home to the majority of the city’s leading law firms. It is also adjacent to the IFSC, Dublin’s established financial services district.
Other significant landmarks within walking distance include the Dublin Convention Centre, The O2 Arena, Aviva Stadium and Croke Park, the historic birthplace of Gaelic Games. The main shopping area of Grafton Street and College Green, the location of the prestigious Trinity College, are a fifteen minute walk away.
The Marker Residences are uniquely integrated with the award winning 5-star luxury lifestyle Marker Hotel, offering residents the potential to avail of an exclusive preferential membership, allowing access to the Hotel’s luxury health spa. This wellness space includes an infinity pool, sauna, steam room, treatment rooms and a gym.