Investment opportunity at Citywest Campus
A compact office investment in Citywest in south Dublin has come to the market at a price which suggests a net initial yield of 11.4pc.
Located in a cluster development on Orchard Avenue, Citywest Business Campus, the two-storey, own-door offices are let to the Health Service Executive under a 10-year, full repairing and insuring lease from January 2010 at a current passing rent of €35,000 (exclusive) per annum.
Agents Douglas Newman Good Commercial are now asking €295,000 -- a 55pc discount to the €660,000 which the premises fetched in 2006 when it was finished to shell specification. Subsequently it is now finished to a high landlord specification. Its floor area extends to 202sqm and it comes with nine car parking spaces.
The lease incorporates a five-year rent review to open market rental value and also a lessee-only break option on the expiry of five years of the term, subject to notice and penalties.