Fully-let Dublin docklands office block for €15.25m offers 7.35% yield

Block P2 Eastpoint Business Park delivers €1,247,000 rental income from Virgin Media

Block P2 at Eastpoint Business Park in Dublin offers scope for further development

Block P2 at Eastpoint Business Park in Dublin offers scope for further development

 

Investment funds looking for immediate rental income from a strong tenant covenant in a prime location will be interested in the sale of a modern office building at Eastpoint Business Park in Dublin.

Block P2 comes to the market fully let to Virgin Media on a 25-year full repairing and insuring lease from December 2000. Guiding at a price of €15.25 million through agent Knight Frank, the investment’s rental income of €1,247,000 (€23.25 per sq ft and €1,400 per car space) offers the prospective purchaser the opportunity to secure a net initial yield of 7.35 per cent.

The subject property extends to 49,366sq ft (4,586sq m), and is finished to grade-A standard, with raised access floors, suspended ceilings and recessed lighting. Heating/cooling is provided by a full VRF system (variable refrigerant flow). The property has a generous car parking provision with 71 on-site parking spaces.

The design of the building includes a full-height entrance forming the main reception area for the building, with a feature staircase leading to the upper floor levels. The building has regular H-shaped floor plates around a central core, allowing for subdivision and multiletting if required.

While Eastpoint Business Park is predominantly low-rise in nature, the two most recently built blocks at the scheme are seven-storey buildings. This coupled with the park’s close proximity to the city centre and its public transport links would serve to strengthen an application to increase the height of Block P2 by its purchaser.

Located within a short distance of Dublin’s north docklands, Eastpoint is home to a wide range of global tech occupiers including Google, Oracle, Citrix and Fineos as well as corporates such as Deutsche Bank and Enterprise Ireland.

Among the scheme’s main attractions are its easy access to public transport and the competitive rents it offers when compared to other north docks locations. The park has a dedicated shuttle bus service linking it to both the Luas stop at Point Square and the Dart station at Clontarf Road.