Clondalkin office investment for more than €5m

A Clondalkin office investment let to the OPW with an unexpired lease term of over 10 years is guiding more than €5 million through joint agents JLL and HWBC.

Blocks B1 and B2 on the Ninth Lock Road are let on two leases from October 2017 at an annual rent of €330,000, which would reflect a net initial yield of 6 per cent. This will increase in 2022 to €365,000.

The Department of Social Protection, which operates an Intreo office from the buildings, re-geared the leases in 2017 which underpins the importance of the buildings and the location to the State.

The offices, which extend to 2,844sq m (30,610sq ft), include 94 car-parking spaces on a large site opposite the Mill Shopping Centre.