(IWI) secure Bray Civic Offices for €10m with private equity group off market

(26 Jul 2015)

Ireland World Investments (IWI) have successfully acquired Block D, Bray Civic Centre, Co Wicklow for private clients in an off market deal with Evans Randall, a privately held investment banking and private equity group, in a transaction that is believed to be in excess of €10m

Bray Civic Centre is a mixed use development situated in the centre of County Wicklow’s largest town within the Dublin metropolitan area. Situated just off the Main Street in Bray, Bray Civic Centre is just 10 minutes walk from the DART Station. The DART travels to the City Centre every 10 minutes at peak times, with regular services between 6am and midnight. For vehicular access, the development is close to the N11 and the southern extension of the M50 Motorway

Block D is situated at the heart of the Bray Civic Centre Development and comprises a Part 3/Part 4 storey office block over basement car park.

Block D forms part of an overall commercial and residential development mainly completed with the exception of office block E which is finished to shell condition. The residential element is situated to the rear and comprises completed mainly vacant terrace houses. Other occupiers in the development include Bray County Council Offices, HSE and the Community Arts Centre. There is also a basement public car park

Richard Coffey Managing Partner of IWI states that “the building is currently laid out in a mixture of open plan and to the specific requirements of The Courts Service/OPW. Its design is such that it offers excellent internal flexibility. The buildings are essentially designed and developed so that they can be sub divided and split both vertically and horizontally.”

The building currently has four separate lease agreements together with some vacant accommodation. There is a total of 82 basement car parking spaces specifically designated to Block D. The majority of the accommodation (circa 75%) is occupied by The Courts Service and The Office of Public Works in Ireland. At present Block D is currently generating an annual rent of €1,033,890.

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