Prior to the Covid-19 pandemic, Goodbody Stockbrokers’ headquarters in Dublin 4 nearly found itself under the ownership of Derek McGrath’s Core Capital for €48 million, courtesy of agent Bannon. The property is now once again on the market through a selective off-market sale and is valued at a drastically lower price of €32.5 million.
Currently owned by Intrust Properties, the property in question, No 2 Ballsbridge Park, holds a potent, albeit short-term, revenue of €3.025 million from its robust tenant base, including Goodbody, BlackRock and Coca Cola. This promises a considerable 8.5 percent yield to the purchaser upon acquisition. However, this revenue will cease as the tenants progressively vacate the premises by May 2025.
Goodbody has reportedly signed a six-month lease extension in anticipation of the completion of their new headquarters’ fit-out at 60 Dawson Street, led by Oakmount and Core Capital.
Once the existing tenants vacate from No 2 Ballsbridge Park, the new owner will have the opportunity to extend and refurbish the building. This will upgrade its energy rating from C3 to an A3 standard.
No 2 Ballsbridge Park is placed on a site measuring 1.1 acres and is up for sale with full planning permission (DCC Planning Reference 4729/22) for an extension and refurbishment, stretching the overall area of the building to 133,624 sq ft.
Core Capital also achieved planning permission for an adjoining property, No 1 Ballsbridge Park, proposing a development of 173,556 sq ft. Despite both sites sharing similar measurements, the No 1 building, at 35,000 sq ft, is significantly smaller than the 57,576 sq ft existing structure at No 2.
A study on No 2 Ballsbridge Park suggests potential for the development of 157,047 sq ft worth of office space and, in collaboration with the neighbouring No 3 building, an impressive 371,621 sq ft.