Park West block acquired by UK cosmetics firm for €2.7m

A UK cosmetics firm has acquired Block 7 at Dublin’s Park West Business Campus for €2.7 million as part of its plans to expand its operations into the Irish market.

The property briefly comprises a standalone three-storey office block of 24,282 sq ft (GIA) together with 31 car parking spaces.

The ground floor is let to Trilogy Technologies on a 10-year lease from August 2018 at an annual rent of €130,500, with a break option in August 2023. The company was acquired by Arkphire in 2019 which was subsequently acquired by Presidio, a global digital service and solutions provider, in February 2022.

The first floor is let to Paragon 28 based on a five-year lease from December 2019 at an annual rent of €140,000. The medical device company manufactures fore-foot plating, medical screws and custom bone wedges for the healthcare sector. It has office locations across the US and Park West serves as its international headquarters.

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The second floor, which is vacant, has scope to achieve in the region of €115,000 a year once fully let. The as-yet unidentified purchaser of the property intends to occupy this floor as it seeks to expand its Irish operations. The €2.7 million paid for Block 7 reflects a net initial yield of 9.11 per cent. Colin O’Shea handled the sale on behalf of Colliers.

Park West is an established and actively managed business park. Located next to the M50 on the Nangor Road in west Dublin, the scheme is home to a range of high-profile occupiers including Affidea, Lets Get Checked, Workhuman, Fulfill Nutrition, Allianz Worldwide and Banctec.