Cookstown Industrial Estate office block sells for €5 million

AN OFFICE development at the entrance of Cookstown Industrial Estate has been sold for in the region of €5 million, The Echo understands.

The investment property, on the Belgard Road side of Cookstown is next door to the Cookstown Castle site which was sold at the start of the year for over €21 million.

The site, known as Cookstown Court, which is 300 metres from the Belgard Luas stop, has two blocks A and B which is made up of two four-storey buildings over double basement semi-detached office buildings with an allocation of 124 on site car spaces.

Constructed in 2005 and designed by HKR Architects, both buildings front onto an attractive landscaped courtyard and comprise of four modern self-contained office buildings.

When the development went on the market in November 2021, the site produced a highly reversionary rental income of €396,216 ex VAT across five tenancies with an average passing rent of €115 per sq.m.

The net initial yield of 7.21%, according to the selling agent, BNP Paribas Real Estate, could easily be increased through pro-active asset management strategy via lettings of the vacant office suite, lease re-gears and rent reviews.

Both buildings provide occupiers with average floor plates sizes ranging from 290 – 590 sq.m (3,121 – 6,350 sq.ft.) and offer flexible bright open plan accommodation.

The specification includes raised access floors, suspended ceilings with recessed lighting, VRF air conditioning, kitchenette facilities, ladies/gents toilets and shower facilities.

Vehicular access to the double level basement car park level is afforded off the ground floor via a shared vehicle ramp.