Active Portfolio

Broomhill Office Bond 2021

52 Broom, Broomhill Road, Tallaght, Dublin 24, is a high-quality office building to the north of Tallaght town, developed in 2001.

About this bond

52 Broom, Broomhill Road, is a high-quality office building to the north of Tallaght town centre and 9km southwest of Dublin City Centre.  52 Broom comprises circa 50,000 net sq ft and is situated on approximately 1.34 acres. The building contains basement stores with secure basement car parking comprimising 59 spaces, and a further spaces 124 spaces above ground. The building comprises 4 storeys, fully fitted with air-conditioning and two 8 passenger lifts. The site is landscaped and provides road frontage on two adjoining sides.  Tallaght, with a population of over 100,000, is the administrative centre of South County Dublin.

The town has strong public transport links, including access to the red Luas line and numerous Dublin Bus routes, while also being close to the M50 motorway, the N7 Naas Road and N81 Tallaght bypass. Tallaght is a big residential area in Dublin with a strong workforce and large residential developments planned in close proximity to each other. Access to hospitals, third level institutions and a large retail centre makes Tallaght an attractive town for Dublin commuters. 

Investment Profile

Investment Start Date: August 2019

Target Exit Date: August 2021

Investment Size: €8.4 million

Asset Managers: RQTwo

Investment Highlights

14% projected overall return
2 year investment term
1st legal charge over the underlying asset
Regulated bond
Typically uncorrelated asset class
€8.4 million bond notional

Since acquisition of the building in August 2019, RQTwo has

  • Appointed HWBC & Lisney as joint letting agents. Commenced marketing in October 2019.
  • Engaged a design agency and completed renovation plans for interiors and exteriors.
  • Began renovation of interior; exterior redesign to be progressed when additional tenancies are secured.
  • Appointed contractors and strip out of vacant space on 1st & 2nd floor complete.
  • Upgrade to reception is 90% complete. Works have been paused due to Covid-19 restrictions.
  • Completed refurbishment of 2nd floor bathrooms.
  • Advertising banners and marketing campaign designed. Relaunch on hold until Covid-19 situation eases.

Risk to current rental income from Covid-19 is low as both sitting tenants are government-funded agencies. Marketing relaunch and refurbishment completion will progress quickly when restrictions are lifted which will greatly assist in improving the desirability of the building. The overall impact of Covid-19 on business sentiment is unclear at this point, however it is possible that it will cause some delay to securing new tenancies for the vacant space. This will be monitored carefully with RQTwo.

Want to know more?

Investors: For information about how to invest contact your Financial Advisor.

Financial Advisors: Please contact @blackbee.ie or call on 021 123 4567