6.5 Million
2 Basement
Ground +3
34,239 sq ft
plot area 15,482
Dubai Media City 2 TECOM

Seller is asking for AED 78 M for the building alone as he had an offer before from IN ARK FZE (copy attached) for that amount but the deal didn't go through in the end. The building’s lea sable area is 34,239 sq ft and the plot’s area is 15,482 sq ft. It is located in Dubai Media City Zone 2 TECOM on a 50 year lease ending Sep 30, 2054. The lease can be converted to freehold starting Oct 1, 2014 onward, at a price to be determined by a Chartered Surveyor. Assume the land can be purchased at AED 450 psf, ie around AED 7 Million, add to it the building price of AED 78 M = AED 85 M all in all. The building, when fully leased can bring around AED 6,250,000 in rental income per year, ie an annual return of 7.35%.The building was previously occupied by Abu Dhabi Islamic Bank but is not vacant. We have calculated the annual yield at 7.75% in our evaluation report