Over £7 million sought for Kindle's East Point block

MORE than £7 million is being sought for an office block which is under construction for computer software company Kindle at …

MORE than £7 million is being sought for an office block which is under construction for computer software company Kindle at East Point Business Park in the Dublin docklands. Palmer McCormack is understood to be in negotiations to sell the investment, which will qualify for tax breaks because the park is located in a designated enterprise area. Kindle will be paying a rent of almost £440,000 for the 42,000-square-foot building and £200 each for 57 car-parking spaces. The company will be able to avail of preferential terms - the rent of almost £10.50 per square foot is about £2.50 less than the open market rate - under a contract completed two years ago when it moved into an adjoining 64,000-square-foot building. Whoever buys the investment, probably at a yield of around 6 per cent, will be able to avail of 100 capital allowances on construction costs, 50 per cent of it in the first year and 4 per cent in the following years.