Sandyford Business Park office buildings new to market and fully let
Eir rents one of the units on a 35-year lease, which produces a rent roll of €222,000
Unit 3, which is let to Phonewatch on a 35-year lease, is for sale at €1.425 million
Unit 4, let to Eir on a 35-year lease from October 1994, produces a rent roll of €222,000 and is guiding €3.025 million, which would suggest a net initial yield of 6.7 per cent. It extends to 919sq m (9,892sq ft) and has 28 car-parking spaces of which 10 are let to Ardagh Group on a separate licence agreement.
Unit 3, a mid-terrace two-storey building, is for sale at €1.425 million. It is let to Phonewatch Ltd on a 35-year lease from March 1991 at a rent of €100,000 which would suggest a net initial yield of about 6.5 per cent. It extends to 434sq m (4,671sq ft) and comes with 10 dedicated car-parking spaces.
Both Phonewatch and Eircom are not in occupation which may present further asset management opportunities for a purchaser.
These two properties form part of an eight-unit scheme developed in 1990. Many of the units are let under upwards-only leases due to end in about seven years’ time.
The business park is opposite Leopardstown Retail Park and within walking distance of the Luas green line.