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Landmark Victorian office investment on Dublin’s Earlsfort Terrace for €8.75m

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Core Capital chief Derek McGrath seeks buyer for terrace of four buildings fully let to serviced-office provider Iconic Offices

Having secured about €5.25 million from the off-market sale last year of numbers 22,23 and 23 Dawson Street to a syndicate of private Irish investors, the owner and chief executive of Core Capital, Derek McGrath, is looking to dispose of another of his personal property investments.

The four buildings are occupied by the serviced-office operator Iconic Offices under three separate co-terminus leases. Numbers 15-16 are linked and let under one lease, while numbers 17-18 are let under stand-alone leases. These separate leases should offer the purchaser longer-term flexibility to sell each individual leased asset at a future date.

As is the case with the wider office-letting market, the operation of Iconic’s business suffered during the Covid-19 pandemic. It has recovered since then thanks to the growth of flexible and hybrid-working models. In Dublin, Core Capital is involved in development and investment transactions in offices, retail and hospitality with a combined value of about €1 billion.

 

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