€6.2m asking price for Citywest office building

A FULLY occupied office building on Lake Drive in the Citywest Business Campus has gone on the market with an asking price of €6.2m.

The property comprises a two-storey office building extending to 22,965 sq.ft, together with 74 car parking spaces.

The building has a brick façade and a pitched roof, and offers a mix of cellular offices, large boardrooms, meeting rooms and an open-plan office layout.

The building benefits from a bright reception upon entry and an eight-person lift, according to the property listing by selling agent Thomas Byrne from Lisney Commercial Real Estate.

The property is fully occupied with covenants including Pure Telecom, Schneider and Aspen Pharma.

The building generates a passing rent of €547,844 per annum with short-term reversionary potential (June 24 RR) WAULT of 5.85 years to break and 10.55 years to expiry.

Offers are sought in excess of €6,200,000 which represents a NIY of 8.04 per cent – after purchaser’s costs at 9.96 per cent – and a capital value of €270 psf with short-term reversionary potential.

According to the listing for the sale of the premises, it offers an office investment opportunity with long-term income.