Ardstone Capital make profit on D4 Property

David Carroll of Bannon has advised Ardstone Capital on their most recent Irish purchase of the Crampton Buildings in Temple Bar.  The investment manager acquired the block for €8.2m representing an initial yield of 6.15% which is occupied by a range of leisure and retail users.

The upper floors are held by Dublin City Council who are due to embark on a significant refurbishment of the old Artisan dwellings which will significantly enhance the immediate area. Bannon will continue to advise Ardstone on the asset management strategy for the block whilst also taking over the day to day management.

Ardstone originally bought the four-storey modern block at 85 Pembroke Road about 12 months ago for €4.75 million. The 875sq m (9,410sq ft) building was then occupied by AIB Capital Markets on a lease which then had a further 11 years to run.