Scottish Provident is to pre-fund a 44,000 sq. ft office block at Woodford Business Park, near Dublin Airport, at Santry, at a cost of £7 million. The initial yield is likely to be about 7.5 per cent. Although the terms of the deal were agreed around 12 months ago, it could not proceed until now because of a planning appeal. Woodford Developments is understood to be guaranteeing the rent for one year at around £14 per sq. ft. The tenant will also have the use of 165 car-parking spaces. The block will be one of three to be built by Woodford Developments with a total floor area of 90,000 sq. ft. Scottish Provident's £70 million Irish fund also includes the Frascati Centre, Blackrock, Westlink Industrial Estate in west Dublin and one of the office blocks in East Point in the Dublin docklands.
Quinn Agnew advised Scottish Provident while Sherry FitzGerald and Hamilton Osborne King acted for the developer.
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