Quadoro Doric acquires Allianz House at Elm Park Green for €53m
TWM sold the investment on behalf of Aberdeen Standard Investments and sought offers in excess of €50million. The sale price of approx. €53 million reflects a net initial yield of 5%. Michele McGarry at Colliers International advised Quadoro on the acquisition and Michele Jackson and Patricia Ward of TWM advised Aberdeen on the sale.
Allianz House is located at Elmpark Green which is a sustainable mixed use urban development situated just 4km south of Dublin city centre benefiting from stunning sea views. Allianz House is an eight storey modern Headquarter Office Building extending to approx. 8,000 sq.m (86,000 sq.ft) fully let to Allianz Plc. Allianz have fully occupied the building since 2008 and are secured on a 31 year full repairing and insuring lease from January 2008 with a tenant break option in December 2033. The annual rent is €2.9million and has five yearly rent reviews from 2019 in line with CPI with cap and collar of -0.5%/3.5% for each 5 year interval.
Elmpark Green is home to corporate tenants such as Novartis and Willis Tower Watson along with residential and leisure uses. The Park benefits from great surrounding amenities and transport links and is s short walk to both Booterstown and Sydney Parade DART Stations. There is great retail and food offerings also closeby at Centres such as Merrion; Blackrock and Frascati. The park is adjacent to Elmpark Golf Club and St.Vincent’s Hospital and there are excellent educational facilities nearby at University College Dublin with plenty of excellent schools nearby