Aviva Life & Pensions Irish property fund has emerged as the preferred bidder for a multi-let office building at 1 Grant’s Row, off Lower Mount Street in Dublin city centre.
It paid €8.3 million for the investment which will show an initial yield of 5.5 per cent.
The four-storey, 1,416sq m (15,244sq ft) block was constructed in 2000 and is let to four tenants with varying leases and producing a rent roll of €482,135.
The next rent review is in 2016. There are 10 car parking space on site.
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Kenneth Rouse of BNP Paribas Real Estate advised Aviva while Max Reilly of JLL acted on the instructions of receiver Ken Tyrrell of PwC who was appointed by AIB.
