Tallaght offices asking €4.9m

An office investment which will provide a return of 9.15 per cent near the M50 in Tallaght, Co Dublin, comes on the market this week at an asking price of €4.9 million.

Adrian Trueick of Knight Frank is handling the sale of Tallaght Enterprise Centre, a development of three adjoining buildings let to print and business technology supplier Brian S Ryan, the Health Services Executive and the Vocational Education Committee at a combined rent of €471,600.

The buildings extend to 2,551sq m (27,470sq ft) and are located on 1.3 acres on the eastern side of Main Road, about a kilometre from The Square shopping centre. Brian S Ryan rents 1,486sq m (16,000 s q ft) in a two-storey office block, with a warehouse to the rear.

It also has the use of 35 car- parking spaces under a 25- year lease from 2001, at an overall rent of €272,600.

The HSE pays a rent of €84,000 for 408sq m (4,400 sq ft) and 12 car-parking spaces under a 25-year lease from 2001 at a rent of 84,000 per annum.

VEC lease

The shortest lease is to the VEC, with an expiry date in 2017 and a current rent of €115,000.

Mr Trueick says that with a combination of a prime suburban location and a long unexpired lease term averaging nine years, the investment is likely to appeal to the private investor market.

The return compares very favourably with other opportunities, particularly given the strong tenants.