Ardstone Capital has acquired a third asset on behalf of Ardstone Value Partners (AVP), its joint venture with CBRE Global Investment Partners (“CBRE GIP”). AVP has acquired Crampton Buildings, Temple Bar, Dublin 2, for €8.26m. The purchase shows an initial yield of 6.15%, a reversionary yield of 6.5% and a weighted unexpired term to breaks of 8 years.
The 17,240 sq ft retail complex is let to twelve tenants including well known and long established restaurants Elephant & Castle and Gallaghers Boxty House. The complex is well located in the world renowned and ever popular Temple Bar sub-market of Dublin. AVP is acquiring the freehold of the ground floor and basement units and the courtyard within the complex. The upper floors of Crampton Buildings are let on a long-leasehold basis to Dublin City Council, and are in residential use. A significant refurbishment process is due to be undertaken by Dublin City Council imminently, which will see the apartments amalgamated, enlarged and enhanced.
Donal O’Neill of Ardstone commented: “We are delighted to have secured Crampton Buildings for AVP. We have now acquired three prime multi-let assets in core Dublin 2 and 4 locations. Each of the assets provide secure income together with value-add opportunities”.