Commercial property
The Infinity Building in Dublin 7 has a total passing rent of over €3.89m a year. Photo: MyHome.ie
The Infinity Building, an office development in Dublin’s Smithfield, has come onto the market for roughly €10m less than what it sold for before the Covid-19 pandemic.
The potential sale of the six-storey building, which counts the Office of Public Works as a tenant, will be closely monitored by the commercial property industry as it looks for signs of recovery after the Covid-19 pandemic.
By the middle of this year, commercial property values were down 27pc since Covid, with bigger falls seen in offices and retail, according to research by the Central Bank.
The Infinity Building in Dublin 7 was recently put up for sale with a guide price of €47.2m.
According to a report in The Irish Times, the property was bought from a Norwegian investor by a fund connected to Credit Suisse in an off-market transaction worth €57m in January 2019. The Norwegian investor bought the property in April 2015 for €28.65m, generating a big return after less than four years.
Real estate company Savills Ireland has been appointed to sell the Infinity Building, which has a total passing rent of over €3.89m a year.
“The strength of this asset is underpinned by its government-backed long income profile, with tenants recently extending their lease commitments,” said Fergus O’Farrell, director of investments at Savills Ireland.
The Infinity Building was previously known as George’s Court. It was developed by the late boom-era developer Liam Carroll’s Zoe Developments.
