Merchant Buildings,
Dublin 8
A €27 million acquisition in 2019 with partners, Emerald Investment, the portfolio consists of five riverside office buildings, a café, several courtyard gardens and a multi-storey car park comprising c. 16,700 sq.m (180,000 sq.ft) of gross floor area.
Sonbrook is well underway with a €7 million refurbishment and repositioning of the portfolio, breathing new life in to the five buildings and common spaces for both existing and new tenants to enjoy. The company also manages an on-site team overseeing a c. €2m+ rent roll across 34 tenant companies employing some 450 people.
In 2021 we welcomed 12 new tenants to the portfolio including Microchip Technologies, GCS Recruitment and Dublin City Council on a new 10 year lease as well as a number of state backed NGO’s.
In December 2021 we sold a portion of the portfolio to Corum, a French real estate investor for €23.6m. Commenting on the disposal Declan Sexton of Savills said the sale “is testament to the asset management initiatives that were undertaken by our client Sonbrook, with high-quality building refurbishments and a series of new lettings and lease regears, which has delivered a fully repositioned asset.”
