Ro­han sells 21 Charlemont to French com­pany for €45m

Irish Independent - Business Week - - COMMERCIAL PROPERTY - Donal Buck­ley

RO­HAN Hold­ings, the Ir­ish fam­ily-owned com­mer­cial prop­erty com­pany, has sold a new of­fice devel­op­ment, 21 Charlemont, Dublin 2, to La Française Group, a French firm, for about €45m.

In June Ro­han an­nounced that the build­ing had been prelet to com­mu­ni­ca­tions com­pany Vi­aSat at a rent of €55 per sq ft, which is about 10pc more than mar­ket sources ex­pected at the time when Ro­han com­menced con­struc­tion in 2015.

La Française Group man­ages about €64bn in as­sets and is 92pc owned by Credit Mutuel Nord Europe (CMNE), a bank­ing and in­sur­ance group in North­ern France and Bel­gium. The Charlemont deal is its first in Ire­land. The Grade A prop­erty com­prises 3,437 sq m (37,000 sq ft) of of­fice space in a six-storey-over-base­ment build­ing and will gen­er­ate a rent roll of about €2.04m, sug­gest­ing a yield of al­most 4.5pc.

Un­usu­ally, the build­ing has bal­conies, which were de­signed to shade the south-fac­ing win­dows.

Ro­han is re­ported to have bought the site with derelict of­fices for more than €6.5m a few years ago and when de­mo­li­tion and con­struc­tion costs are taken into ac­count, it may have in­vested be­tween €35 and €40m on the project. For­merly the head­quar­ters of McCon­nells, at one time Ire­land’s largest advertising agency, it over­looks both Charlemont Luas sta­tion and the Grand Canal. Dur­ing the boom Bernard McNa­mara and Jerry O’Reilly had bought it for re­de­vel­op­ment.

Ro­han re­cently com­pleted other sig­nif­i­cant deals with firms such as Dublin Port, Hol­land & Bar­rett and Al­pha Flight, part of the Emi­rates Group. In ad­di­tion to bid­ding on build­ings and sites in the of­fice, res­i­den­tial and in­dus­trial sec­tors, the firm has live projects across the city.

Bren­dan De­laney of Sav­ills Ire­land, who rep­re­sented La Française, said Sav­ills looks for­ward to con­tin­u­ing its re­la­tion­ship with La Française, and “sup­port­ing them on any fur­ther in­vest­ments in the Ir­ish mar­ket”.

The 21 Charlemont of­fice devel­op­ment in Dublin sold for €45m

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