HWBC advised Irish Life on their recent purchase of 1 Harbourmaster, IFSC for €50m. The 62,000 sq.ft office building overlooks Georges Dock in the heart of the IFSC and is currently let to KPMG for c.11 years.
The Harbourmaster buildings were amongst the first modern office blocks to be built in the IFSC and specified to such a high standard that the buildings still compete on the same level as those newer buildings built since.
Harbourmaster 1 was a rare opportunity for Irish Life to benefit from a long income stream to an excellent covenant whilst benefitting from an attractive yield of 5.9% due to a degree of over-renting, a level which is rare in this phase of the market for core CBD. Rental growth forecasts are still positive for the next two years at least so this acquisition is a good defensive play.
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