French investor acquires Cherrywood office investment for €27.7m
Block 12 is fully occupied by Aviva, globally Aviva provides around 33 million customers with insurance, savings and investment products.
The building provides 73,810 sq ft of flexible high quality office accommodation over three floors, situated on an extensive site of approximately 2.5 acres. The property has 222 car parking spaces.
Aviva have occupied the building since 2002 and are secured on a 25 year full repairing and insuring lease from July 2002 with no break options. The annual rent is €1.810m, reflecting €21.50 psf plus parking income. There are five yearly upward only rent reviews, with the next rent review in July 2022.
JLL sold the investment on behalf of Spear Street Capital who acquired the Cherrywood business park in December 2017 from Hines and King Street.
The asset’s sale price was €27.7m.
Michele McGarry & Aoife Murray of Colliers International advised Corum Asset management, on behalf of the Corum XL fund, on the acquisition and John Moran & Jacqueline Fitzpatrick of JLL advised Spear Street Capital on the sale.
Spear Street Capital have invested heavily in placemaking and a sense of community within The Campus. Coupled will the wider Cherrywood Town Centre Development, The Campus will be one of Dublin’s most sought after office locations and a place tenants will not want to leave once they are established. Other occupiers in Cherrywood include Elavon, Accenture, and Dell.
Michele McGarry, Colliers “we are delighted to have concluded the acquisition of Block 12 on behalf of Corum, the sale demonstrates market resilience against the backdrop of Covid and confirms demand for good quality, well let office investment opportunities”
John Moran, JLL, “this sale clearly demonstrates the progress that The Campus has made during its ownership under Spear Street and it is great to see new institutional capital investing alongside them”
For more information please contact:
Michele McGarry of Colliers International +353 1 633 3738 firstname.lastname@example.org
Avril Kelly Carter of Colliers International +353 1 633 3780 email@example.com