Savills and Owen Reilly have announced the sale of The Benson Building at 76 Sir John Rogerson’s Quay, Dublin on behalf of Targeted Investment Opportunities (TIO).
The asset comprises 72 residential units plus two ground floor commercial units and is being marketed as a 'private rented sector (PRS) opportunity'. It forms part of the wider TIO office scheme at 76 Sir John Rogerson’s Quay, currently being constructed by Bennett Construction.
The joint selling agents have listed a guide price of €52.5 mln for the property, which is due for completion in Q1 2020 and includes 72 parking spaces. The current estimated rental value (ERV) is approximately €2.9 mln per annum.
According to Savills data, at the end of Q1 2018, purpose-built office accommodation in the South Docklands stood at 243,737 m2 – accommodating approximately 20,000 employees. Despite this, there are just 2,500 units of existing residential accommodation.
While the pipeline of net new office development in the area has the potential to accommodate over 11,000 additional office based workers, just 665 new residential units, including The Benson Building, are currently in the pre-planning, planning or construction phase.
Upon completion, The Benson Building will account for approximately 11% of new residential supply in Dublin’s South Docklands.