Fully let office block at Citywest Business Campus guiding at €6.2m

3016-3018 Lake Drive offers buyer 8.04% net initial yield with short-term reversionary potential

Agent Lisney is guiding a price of €6.2 million for 3016-3018 Lake Drive at Dublin’s Citywest Business Campus. The subject property, a two-storey office block of 2,108sq m (22,965sq ft) with 74 car-parking spaces comes to the market fully let to a range of well-established tenants including Pure Telecom, Schneider, and Aspen Pharma.

The building features a brick facade and pitched roof, offering a flexible layout including cellular offices, large boardrooms, meeting rooms, and an open-plan office arrangement. The property currently holds a Ber rating of B1-B3 but has undergone a Ber-improvement assessment that indicates its potential to secure an A3 rating.

3016-3018 Lake Drive is generating a passing rent of €547,844 per annum and offers the prospective purchaser the opportunity to secure a net initial yield of 8.04 per cent and short-term reversionary potential to increase this to 8.5 per cent. The weighted average unexpired lease term (WAULT) is 5.85 years to break and 10.55 years to lease expiry.

James Nugent and Thomas Byrne of Lisney say: “We expect this property to attract strong interest from a range of national and international investors seeking long-term income. Its prime location, stable income, and Ber-improvement potential should all serve to enhance its appeal for potential buyers.”

Ronald Quinlan

Ronald Quinlan

Ronald Quinlan is Property Editor of The Irish Times