This evening, news from credible sources that NAMA has told sold Findlater House for just over €6m, 33% more than the guide price. The property was being marketed by estate agents BNP Paribas. It was previously owned by the Chicago Spire’s, Garret Kelleher’s Shelbourne Developments. It is presently part-let generating €420,000 per annum, indicating a 14% yield on a fully-let basis. The present tenants, the Office of Public Works, the private sector English Academy and the Living Room Bar are together paying €420,000 in rent with tenancies due to expire between 2014 and 2022. About 28,000sq ft of the 56,000 sq ft are let. We do not yet know the buyer.
Separately, it seems that the former Quinn Insurance building on Lower O’Connell Street has today gone “sale agreed”. It was being marketed by CB Richard Ellis. No further details of the sale at present.