Following last week’s announcement that Union Investment has committed to fund the Burlington House scheme in Dublin, Development Securities has confirmed that it has acquired the Avid building in Sandyford for €6 million (£4.2), at a net initial yield of 12.75 per cent.
The building, which is situated in a prosperous southern suburb of Dublin, is a 1.8 acre site comprising 42,000 sq ft of office and warehouse space and 107 car parking spaces. Currently, it is fully let to Avid Technology International BV until April 2017.
A planning application is currently being drawn-up for the mixed-use redevelopment of the site, which will deliver 140 residential units along with 10,000 sq ft of commercial space.
Development Securities’ Chief Executive, Matthew Weiner, commented: “Our presence in Dublin is growing as we continue to selectively expand both our development and investment activities where we see strong buying opportunities within this market.
“The Avid building is well located, well connected to the rest of the city, and offers strong redevelopment potential. We look forward to bringing forward an exciting new development in this established area of Dublin.”
