South Dublin office investment sells for €1.35m

Private investor in line for 6.73% yield from purchase of fully let Sandyford property

Unit 3, Sandyford Business Park is let to Phonewatch Ltd under a 35-year FRI lease from 1991.

Unit 3, Sandyford Business Park is let to Phonewatch Ltd under a 35-year FRI lease from 1991.

 

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.

Current lease

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.