The investment offers purchasers the opportunity to acquire a well-diversified mixed use investment in one of Dublin’s prime south suburbs. Rockfield Central consists of three blocks let to twenty tenants with over seven years weighted unexpired lease term.

The annual rent roll in Rockfield Central is €1.89 million, with a guide price of excess €25.5 million, equating to a net initial yield of 6.75% (after standard purchasers’ costs) and a price per sq ft of €341.

The overall offering extends to 74,858 sq ft across three blocks and includes 45 car parking spaces in the adjoining Ballaly Park and Ride Car Park and 7 surface spaces. Rockfield Central sits in a highly advantageous position directly adjacent to Balally Luas Stop.

Rockfield is split into three blocks: North, South and East. The North and South Blocks, both built in 2004, offer high quality office space and feature panoramic views of Dublin from the upper floors. The ground floors of both blocks are occupied by retail tenants. The East Block is positioned over the underground car park. It comprises two levels of retail beneath a four storey office block, known as Rockfield Medical Campus, which is held separately under long leasehold and not included in the sale. The seven retail units in the East Block, which form part of the sale, benefit from plenty of footfall from the surrounding offices, the Luas stop and nearby apartment developments.

The blocks are virtually fully let to twenty tenants including Mac Group, Mott MacDonald, Medserv and VHI Investments, with 77% of the income derived from offices and the remaining 23% from retail. The average passing office rent is €24.53 per sq ft (excluding car parking). The blocks, managed by Investi,  offer substantial asset management opportunities, with several outstanding rent reviews and potential to let the part vacant floor in the North Block.

Rockfield Central was purchased in 2017 by Mac-Group. Mac-Group have now decided to review their portfolio holdings after improving their current stock, they are now actively looking at residential and industrial development schemes.

Fergus O’Farrell of Savills commented:

“Rockfield Central presents investors with the opportunity to acquire a high quality and well diversified income producing asset with asset management potential.”

Rockfield Central is superbly located in the well-established and popular suburb of Dundrum just 6.5km from Dublin City Centre. It benefits from close proximity to unrivalled transport infrastructure and amenities. It is conveniently located within walking distance of ample shops and restaurants at Dundrum Town Centre and also the 38 acre Airfield Estate. The property is extremely well serviced by public transport, sitting directly adjacent to the Balally Luas Stop on the green line. The M50 motorway is approximately 2km away from Rockfield Central, providing ready access to north, south and west Dublin and surrounding counties.