Block exceeds guide by €1.6m

An Irish investor has paid €10.2 million – €1.6 million above the guide price – for Hanover Court, a five-storey over basement building used as a data centre and office at the corner of Lower Erne Street and Hanover Street East in Dublin 2. The investment will show a net yield of 7.6 per cent.

Marguerite Boyle of Savills handled the sale for Eamonn Richardson and Kieran Wallace of KPMG who were appointed receivers. Hanover Court is 3,592sq m (42,542sq ft) and has 32 basement car parking spaces.

The block is let to Verizon Ireland, a global communications and IT group, which pays a rent of €810,000 per year under a 25-year lease from 1999. There is a tenant break option in 2020.

Hanover Square is well located close to the south quays and within 200 metres of Grand Canal Square.