Leased office building in Cork for sale for €4.75m

A modern office building at Little Island, Cork, let to State agencies on a long-term basis goes for sale today at €4.75 million, which will provide a net return of 7.46 per cent.

CBRE is handling the sale of Unit 7, a two-storey building at Eastgate Avenue, Little Island, which is rented at €370,000 per year. It has an overall floor area of 1,949sq m (20,989sq ft) and has an up-to-date specification including raised access floors, suspended ceilings and air conditioning. There are 70 car parking spaces at surface level.

The entire office space is fully let to the Food Safety Promotion Board under a 25-year lease from June 2012, which expires in 2026, leaving more than 9.2 years to run. The OPW has sub-let a portion of the ground floor on a 10-year lease from 2016.

Kyle Rothwell of CBRE said the sale would undoubtedly attract good interest because of the security of the long-term income from a Government body and the good location of the block in a well-established business park.