Friends First Irish Commercial Property Fund has outbid several other investors to buy the 3 store at 35 Henry Street, Dublin 1, for almost a €1m above the guide price.
Savills quoted €8.25m for the retail investment but with several funds chasing the property, Friends First seemed determined to have its way by offering in the region of €9.2m for it. With the telecoms company 3 paying a rent of €425,000 per annum and a long unexpired term of more than 15 years to run with the security of upwards-only rent reviews, Friends First has settled for a net initial yield of almost 4.5%. Agent TWM advised the purchaser.
The company was also one of the underbidders for the Grafton Collection, which was bought by Hines for slightly over €55m. It included Hickey’s pharmacy at the junction of Grafton Street and Duke Street in the city centre. Savills had been guiding €40m for the portfolio which produces a rent roll of €1.95m.
Article by Irish Times