€71.5 million guide price for offices in Citywest

THE Waterside office development in Citywest has been placed on the market by property advisor Savills Ireland with a guide price of excess €71.5 million.

This investment offers purchasers the opportunity to acquire five high quality, Grade A office blocks developed between 2009 and 2016 in Citywest Business Campus, one of Dublin’s prime suburban office locations which is home to numerous international occupiers.

The Waterside campus occupies a highly advantageous position, fronting directly onto the N7 dual carriageway.

The immediate area has been subject to large-scale residential development in recent years, which has added to the population of the area as well as its services and amenities.

Combined, the assets extend to approximately 20,372 sq m (219,281 sq ft) across five blocks and include 973 car parking spaces at basement and surface level.

The overall portfolio is currently 92% occupied and let to tenants with strong commercial covenants across a number of different business sectors, including SAP, Fidelity, Glanbia and Astellas Pharma. The five blocks are currently producing a rent roll of approx. €5.75 million per annum, with 82% of this annual income coming from Grade A tenants SAP and Fidelity. Waterside also benefits from a WAULT to break of approx. four years and a WAULT to expiry of approx. 10 years.

Waterside comes to the market with the added benefit of secure planning permission in place for an additional approx. 16,732 sq m (180,100 sq ft) of Grade A office accommodation on a site area of 3.74 hectares (9.24 acres). Blocks 6, 7 & 8 Waterside will complete the approx. 37,161 sq m (400,000 sq ft) Waterside campus development across eight HQ buildings.

Typical floor plates will range from approx. 1,649 sq m to 1,830 sq m (17,750 – 19,700 sq ft) GIA. Each building can provide approx. 5,574 sq m (60,000 sq ft) to a single occupier or can be combined to provide a total of 180,100 sq ft HQ building across all three buildings.

Commenting on the proposed sale, Fergus O’Farrell, Director of Investment at Savills said: “Waterside presents investors with the opportunity to acquire high quality, income producing assets with excellent asset management potential while benefitting from a strong tenant line up.

“Waterside is superbly located within one of Dublin’s prime suburban locations and we expect to generate significant interest in this sale.”