Citywest office blocks sell for €6.5 million
One of the Citywest Business Park office buildings which has just been sold
Two adjoining office buildings rented by international companies at Citywest Business Park in west Dublin have been sold for slightly over the asking price of €6.5million.
They were bought by a UK property investment company Hattington at a yield of 9.75 per cent. Duncan Lyster of Lisney handled the sale of the buildings which attracted six bidders from Ireland, Britain, Europe and Asia.
The two-storey Blocks A and B at Lake Drive have strong covenants in Roche, Canon, and Aspen Pharma. The companies are paying overall rents of €633,468 for 2,915sq m (31,380sq ft) of offices and 133 parking spaces.
Rents vary from €129 to €200 per sq m (€12 to €18.60 per sq ft). Car-parking facilities are rented at €800 per space. The average period remaining on the office leases works out at around 9.5 years.
The two blocks date from 1998 and were finished to a high standard including glazed double height entrance halls, raised access floors and suspended ceilings.