Developer snaps up INM's Dublin offices in £20m deal
The Dublin headquarters of Independent News & Media (INM) have been sold for €24.3m (£20.76m), the Belfast Telegraph can reveal.
The deal will see developer Joe O'Reilly of Chartered Land take ownership of both Independent House and Brett Court on Talbot Street, Dublin 1.
The two properties were brought to the market by CBRE in October 2017 with a guide price of €24m (£20.5m).
As well as being home to the headquarters of INM - Ireland's largest media company and the publisher of Belfast Telegraph - the property includes Grade A office space, a SuperValu supermarket, 10 apartments and 26 basement car parking spaces.
The scheme produces a combined rental income of more than €1.47m (£1.26m) a year.
The self-contained, upper floor office element is fully let to INM on a 25-year lease from 2004 with a break option in 2024.
INM is paying an annual rent of over €1.04m (£0.89m) which equates to an average rent of just €22 (£18.80) per sq ft. The shop is occupied by Kane's SuperValu on a 25-year lease from 2004, paying annual rent of €275,000 (£235,000), which equates to a rent of €28 (£24) per sq ft.
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The site was developed by Bennett Construction in 2004 and is being sold by estate agents CBRE on the instructions of receivers Ken Tyrrell of PwC.