Limerick technology park offices for €25m

Three modern office buildings in Limerick's National Technology Park are expected to attract interest from Irish and overseas investment funds when they go for sale from today through Power & Associates.

That agency is guiding €25 million for the Plassey Portfolio, which was developed along with other office buildings in the park next to Limerick University by businessmen Joe Seely and Jim Cranwell of the Brookvale Group. The three investments will show a net initial yield of 7.06 per cent after allowing for purchasing costs of 4.46 per cent. The portfolio will be sold in one or more lots.

The buildings dating from 1998, 2006 and 2015 have a net floor area of 12,395sq m (133,432sq ft) and are producing a rent roll of €1,844,240. They have an occupancy rate of 92 per cent and a strong line up of tenants including Northern Trust, Cook Medical, Enet, QAD, Gilt Group and Icon.

There is scope to increase the rental income in the short term by completing a number of rent reviews and letting 929sq m (10,000sq ft) of vacant space in Clive House, a four-storey block with an overall floor area of 3,716sq m (40,000sq ft). The letting agent is quoting a rent of €177 per sq m (€16.50 per sq ft) for the available floor. Icon occupy two of the other floors and the third one was recently leased by Dublin Airport Authority. The weighted average period to lease expiry is 13.5 years.

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The largest block, Hamilton House, has a floor area of 4,830sq m (52,000sq ft) and is let to Cook Medical with 6.32 years to run on the lease.

The third building, Hamilton House Block 2, extends to 3,739sq m (40,254sq ft) and is rented by Northern Trust and Xperi with an average of 11.28 years to lease expiry.