Fully let Galway office investment at €5.5m offers buyer 7.7% yield

A broad range of Irish and international investors, both private and institutional, are expected to express their interest in the sale of Block 4 Parkmore East at Parkmore East Business and Technology Park in Galway.

Guiding at a price of €5.5 million through agent Avison Young, the property offers the prospective purchaser the opportunity to secure a net initial yield of 7.77 per cent following standard purchasers’ costs of 9.96 per cent.

Built in 2016, Block 4 comprises a detached three-storey office building of 2,570sq m (27,663sq ft), and comes for sale fully let at a current rent of €470,000 annually to Business Objects Software Limited, trading as SAP Solutions. Acknowledged as a market leader in business software and solutions with more than 100,000 employees globally, the tenant has been a significant employer in Galway since 2003.

Parkmore East Business and Technology Park is located, just six kilometres from Galway city centre, with excellent accessibility and is home to a number of leading multinationals including ICT, Medtech and Life Sciences.

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Catherine Loughnane and Edmond Nolan of Avison Young say: “This sale offers the opportunity to acquire a modern office in Galway’s premier suburban office precinct, fully leased to an excellent tenant, with reversionary potential.”