Citywest Eir building goes on market at €37m

AN INVESTMENT property, which is currently home to Eir headquarters, is set to go to market with a guide price of €37million.

The property, which is located is Citywest Business Campus, is being brought to market by selling agent CBRE by way of private treaty.

With a rent of €2.23m per year, Eircom Limited has leased the property since it opted to move its management centre from Dublin City back in 2018.

The guide price of €37m which is being sought reflects the net initial yield of 5.47 percent, the rent is set to increase which would see the yields increase to 6.29 percent in 2025 before reaching 7.24 percent in 2030.

There is set to be a combined increase of €720,000 in the rent with reviews in 2025 and again five-years after that.

Repairing and insurance lease was initiated for 25 years from September 2010 and this includes no break option. There is over 13-years left on this.

This 77,490 sq ft property was previously brought to market in 2018 by its owner with a higher asking price of €38m.

Investment management company, SW3 Capital, acquired the property in 2015 from London and Regional Properties for what is understood to be in excess of €30m.

Eircom had originally owned the building, which is located just off Bianconi Avenue, before selling it in 2010.

The three-storey office building with single-storey laboratories comes with a carpark comprising 260 spaces.