Commercial · Value-add Whole floor · 18 titles Exit-ceiling · PASS

I-Rise Tower — Full Floor

Barsha Heights (Tecom) · SZR × Hessa St · Dubai

            Grade A
            Shell & core
            23,722 sq ft · 2,204 m²
            39 parking
            DED + DDA
          

Asking · whole floor

64.05M

AED · 2,700/sq ft · 18 titles

Net invested · ex-VAT

77.61M

AED · 3,271/sq ft · peak cash 81.29M

Exit GDV · income

~97.1M

4,094/sq ft · net exit 95.1M

Net profit · 3y

+33.9M

rent 16.4M + exit − invested

ROI · 3 years

+43.7%

unlevered · VAT-recovered

IRR · annualised

14.1%

monthly-modelled · hurdle 8%

Equity multiple

1.44×

NPV @ 11% · +AED 4.96M

Stabilised yield

9.7%

on net invested · 11.8% on price

The opportunity

Buy wholesale, manufacture the scarce product

An entire 24th floor bought shell & core across 18 title deeds at ~2,700/sq ft — below actual DLD transactions in the tower and 16–27% below fitted-unit asking. The raw title mix is skewed to the small commodity band that rents at 248–294/sq ft; the value-add is combining adjacent small titles into scarce fitted 200–300 m² offices — the corporate-HQ product an undersupplied segment demands, which rents at 375/sq ft and resells at ~4,031/sq ft.

The moat is the size band. Stable corporate tenants sized for staff-visa quotas need ~300 m² fitted floorplates; the tower has almost no available fitted stock in that band. We make it — the exit-ceiling check passes because entry (2,700) sits below the fitted market (3,200–3,714).

The asset · before

Shell & core today Before

After renovation

The finished product After

Fitted, income-ready executive offices — reference projects delivered by the fit-out contractor (Renolux), the quality and character the reposition targets.

Location

Between Dubai's business hubs

Open in Google Maps

Valuation · dual basis

Priced below what it repositions to

Basis	Value	Logic
As-is comparable (shell & core)	~66.4M	DLD in-tower, median ~2,767/sq ft
Reposition GDV · fitted comps	~95.6M	subdivided fitted 200–300 m² at market PSF
Exit GDV · income (NOI ÷ 8.5% cap)	~97.1M	forward NOI 8.26M ÷ 8.5% commercial cap
Exit value · 4,094/sq ft	~97.1M	net invested 77.61M ≈ −20% below

Reposition program

18 titles → 8 premium offices

Keep the three already-large titles as-is (228 / 324 / 321 m²); combine the fifteen small commodity titles into five 244–309 m² blocks. Per-office cash flow, conservative cycle (rent 12 mo, sale 24 mo):

Office	Titles	sq ft	All-in	Reno	Rent/yr	Resale	ROI	IRR
1	C-01+02+03	2,631	8.85M	0.95M	987k	10.61M	17%	13.2%
2	C-04+05+06	2,909	9.78M	1.05M	1,091k	11.73M	17%	13.2%
3	C-07+08+09	2,649	8.91M	0.95M	993k	10.68M	17%	13.2%
4	C-10+11+12	2,810	9.45M	1.01M	1,054k	11.33M	17%	13.2%
5	C-13+14+15	3,323	11.18M	1.20M	1,246k	13.40M	17%	13.2%
6	C-02-1 · as-is	2,453	8.25M	0.88M	920k	9.89M	17%	13.2%
7	E-01 · as-is	3,491	11.74M	1.26M	1,309k	14.07M	17%	13.2%
8	E-02 · as-is	3,456	11.62M	1.24M	1,296k	13.93M	17%	13.2%
Total	18 titles	23,723	79.79M	8.54M	8.90M	95.63M	17%	13.2%

The ROI/IRR columns above are the per-office sell-delta (resale vs all-in). The headline figures — ROI 43.7% · IRR 14.1% · equity 1.44× — are the floor-level fund-grade return that also counts 3 years of rent (16.4M) and VAT recovery, on net invested 77.6M. Uniform PSF keeps the per-office % equal; per-position comps (the two E-units are panoramic) re-weight the PSF and open the spread.

Income · stabilised NOI

Gross rent @ 375/sq ft (100%)	8.90M
− Structural vacancy 5% + collection 1%	(0.53M)
− Management 5% of collected	(0.42M)
− Service charge (16.4/sq ft, Mollak)	(0.39M)
Stabilised NOI	~7.56M

Yield 9.7% on net invested / 11.8% on price. Rent grows 3%/yr; leasing commission 5% (one-time, year 1). VAT on rent is pass-through; VAT on the capital cost is recoverable.

Capital · net invested (ex-VAT)

Purchase price	64.05M
DLD 4%	+2.56M
Agency 2.1%	+1.35M
Trustee + title (18 × 4,780)	+0.09M
Renovation + 12% contingency	+9.57M
Net invested · 3,271/sq ft	77.61M
+ VAT 5% (recovered ~1Q later)	+3.68M
Peak cash deployed	81.29M

Exit & return · fund-grade model v3

Hold for rent, sell on income at exit

Total 3-year return

+33.9M

net rent 16.4M + net exit 95.1M − net invested 77.6M. ROI 43.7% · IRR 14.1% p.a. · equity 1.44× · NPV @ 11% +4.96M. Unlevered, VAT-recovered.

Exit · income basis

97.1M GDV

forward NOI 8.26M ÷ 8.5% cap = 97.1M (4,094/sq ft, vs fitted comp 4,031); net of 2.1% selling = 95.1M. Sale at month 36.

Model: 7-month build (4 stages), 12-month lease-up (Year-1 ~50% of stabilised), full occupancy from month 16, 3-year hold. Costs carry a 12% renovation contingency and 5%+1% vacancy/collection. Principal items: DDA/DEWA sub-metering & title-combination to permit (the DDA-approved decor layout de-risks the footprints); exit PSF rests on a thin fitted comp set.

Reserve the floor

Whole floor at ~2,700/sq ft, target entry ~2,650. Your advisor walks the 18-title schedule, the fit-out quote and the per-office plan.

Speak to your advisor

Analytical document for information and discussion only — not an offer, valuation, or investment advice. Figures are model-derived from DLD, Ejari, Mollak and in-tower Bayut comparables, not independently audited, and include forward-looking projections. Any transaction is subject to full legal, technical and commercial due diligence. Barsha Heights (Tecom) · Dubai · Aug 2026 · FX 1 USD = 3.6725 AED.