Eir Network Centre in Citywest put on the market for excess of €38 million
By Brendan Grehan
CBRE are seeking in excess of €38m for the Eir Network Management Centre at Citywest Business Campus.
The three-storey modern office building last changed hands in 2015, when it was bought for €30 million by the three-man Irish-UK investment group Sw3 Capital, reports Brendan Grehan.
The landmark building at Citywest extends to 7,199sq m (77,490sq ft) on an elevated site overlooking the N7 motorway to Naas. The grounds have a bigger than usual surface car park, with 260 spaces.
Citywest Business Campus has established itself as a premier suburban business location with a great variety of amenities, including restaurants, coffee shops, service stations and childcare facilities.
The buildings internally are finished to the highest specification and include raised access flooring, generous floor-to-ceiling heights, large open plan canteens and full height reception areas.
The building for sale is occupied by Eircom Ltd on a 25-year FRI lease from September 2010, with no break options and an unusually long term to run of 17 years.
The asset produces an annual rent of €2,225,114 and is subject to fixed uplifts upon review in 2025 and 2030.
Throughout the agreed term the rent will increase by 32 per cent, generating a guaranteed uplift in income of €720,000 a year over the remainder of the lease.
The €38 million guide would reflect an initial yield of 5.40 per cent, with two fixed uplifts increasing the yield to 6.21 per cent in 2025 and 7.15 per cent in 2030.
Eircom Ltd is the largest telecommunications operator in the Republic of Ireland.
