Kildare office investment at €1.1m offers buyer 8.27% yield

Agent Cushman & Wakefield is guiding a price of €1.1 million for units 4,5,6 and 7 in Block F at Athy Business Campus in Co Kildare.

Located in a high-profile position within the campus, the 1,253sq m (13,487sq ft) property is alongside several office and industrial units. The building is laid out over two floors with a glazed reception and a mix of open-plan and cellular office space with a staff canteen, storage and toilet facilities.

The property is fully let to the Office of Public Works on a 10-year full repairing and insuring (FRI) lease expiring on December 31st, 2031 at a fixed rent of €100,000 a year for the duration of the lease. The OPW represents a strong government-backed covenant and security of income and has been in occupation since 2008. There are a total of 45 car parking spaces allocated to the four units.

Neighbouring occupiers at Athy Business Campus include An Post, RBB Retail Solutions and Ceramic Pro Ireland Official. The business campus offers easy access to the M7, M8 and M9 motorways while Bus Éireann and Irish Rail provide services to and from Dublin, Cork, Kilkenny, Limerick, Galway, and Waterford.

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The guide price of €1.1 million represents a net initial yield of 8.27 per cent.

Peter Love of Cushman & Wakefield says: “This investment offers investors secure income from a government-backed covenant, with the OPW on a long-term lease and in occupation since 2008.”