Agent Lisney is guiding a price of €3.5 million for a fully let office investment at Park West Business Park in Dublin 12.
The sale of Block 14 on Joyce Way offers the prospective purchaser the opportunity to secure rental income into the medium term of €384,158, rising to €392,761 in July 2023. The subject property is occupied by a strong tenant line-up that includes ICRLA, Client Solutions (Ernst & Young), and Orchard Fostering. The weighted average unexpired lease term is 2.9 years to the break option and 3.50 years to expiry. The €3.5 million guide price represents a capital value of €128 per sq ft and offers the buyer a net initial yield of 10 per cent stepping to 10.20 per cent in July.
Block 14 briefly comprises a standalone three-storey building facing on to the main plaza at Park West. The property consists of a modern office building of 2,524sq m (27,167sq ft) together with 36 car-parking spaces.
Park West Business Park, meanwhile, sits just under 10km from Dublin city centre and is easily accessible via the Nangor Road and M50 motorway. The scheme, Ireland’s largest business and technology campus, is also located within a 10-minute walk of Park West train station, allowing workers and visitors alike to get to and from the city centre within a half an hour.
Park West is home to a number of major corporate occupiers including Nissan Ireland, Applegreen, Allianz, Openet, WorkHuman, and the aforementioned ICRLA, Client Solutions (Ernst & Young) and Orchard Fostering.
Thomas Byrne of Lisney’s investment division says: “This is an excellent opportunity for an investor seeking a high, double-digit yielding investment opportunity significantly below replacement cost with 100 per cent occupancy.”