A substantial office and industrial investment in Blanchardstown Business & Technology Park, Co Dublin, goes for sale today at €7.5 million through Duncan Lyster and Cathal Daughton of Lisney.
The building extends to 28,590sq m (307,740sq ft) and stands on a site of 5.97 hectares (14.74 acres). There are 659 surface car-parking spaces and a secure marshalling yard on the site.
The building is part let to Citibank and Alcatel-Lucent at an overall rent of €648,000 per annum. There are a further 18,850sq m (200,000sq ft) of space available to let which will give new owners the opportunity to generate a significantly improved rental income.
The complex offers a range of opportunities for purchasers given the flexible accommodation and the potential for further developments on site. The main structure was built in two phases and includes high quality offices, production space, warehousing, a canteen and an impressive double height reception area.
The €7.5 million guide price works out at less than €25 per sq ft – a significant saving on replacement costs with the added benefit of income from high quality corporate occupiers. The price will provide a net initial yield of 8.3 per cent.
Alcatel-Lucent was formed through the merger of Lucent Technologies and Alcatel in December, 2006. The company is listed on the New York Stock Exchange and the Euronext Paris. Citybank is a leading international banking organisation that has been operating in Ireland since 1965. It is part of Citigroup which is listed on the New York Stock Exchange.