Park Developments Goes For Quick Flip With Reflector

13 Feb 2019 | 10.43 am

Park Developments Goes For Quick Flip With Reflector

Docklands office block for sale at €155m

13 Feb 2019 | 10.43 am

Park Developments is seeking a quick sale of its 11,580 sq m Reflector office development in Dublin, now on the market for €155m.

The Reflector was completed in 2018 and is located on Hanover Quay in the Grand Canal Dock area, with 75 metres of waterfront outside its windows. It hosts tenants such as Airbnb, Wix and LogMeIn, and the agents say it it will produce an annual rent of around €7m, for an initial yield of 4.2%.

Savills Ireland and CBRE are handling the sale on behalf of Park Developments.

Director Fergus O’Farrell said: “The Reflector is one of the most high-profile office developments in Ireland, with its unique waterfront setting, striking profile, and best in class finish, along with a quality tenant line-up and a WAULT of approximately 12 years. It will attract interest from a host of global investors.”

With most of the buildings in the South Docklands now in long term ownership and with a distinct lack of opportunities, the agents say that the Reflector presents one of the last opportunities for an investor to acquire a holding in Grand Canal Docks.

The building is split into two wings with individual reception areas and centralised cores. The east wing includes 3,000 sq metres let to LogMeIn with a guarantee from LogMeIn Inc. There’s also a restaurant/café unit on the ground floor.

The west wing has 8,200 sq metres of office space and tenants include Airbnb, LogMeIn and Wix.com. 

 

 

 

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