An Irish private investor has paid €1.35 million to acquire Unit 3 at Sandyford Business Park in south Dublin.
The property which extends to 4,660sq ft with 10 car parking spaces is fully let to Phone Watch Limited under a 35-year full repairing and insuring (FRI) lease from 1991, with no breaks at a passing rent of €100,000 per annum.
The sale price of € 1.35 million provides the new investor with a net initial yield of 6.73 per cent. There are six years remaining on the current lease, and the property has the benefit of “upward-only” rent reviews .
Matthew Vanston of selling agent BNP Paribas Real Estate said: “Despite the challenging situation we find ourselves in currently, we are still seeing demand from private investors for well-tenanted defensive real estate.”
FJ Frisby & Associates acted for the purchaser.