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Choice office investments in Dublin and Leitrim come up for sale

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Carrick Business Campus in Carrick-on-Shannon, Co Leitrim, has a €6.6m guide price

Carrick Business Campus in Carrick-on-Shannon, Co Leitrim, has a €6.6m guide price

Landscape House in Baldonnell currently delivers a 9pc net yield

Landscape House in Baldonnell currently delivers a 9pc net yield

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Carrick Business Campus in Carrick-on-Shannon, Co Leitrim, has a €6.6m guide price

Two office investment properties have been brought to the market this week by estate agents Savills.

The more valuable of them is the Carrick Business Campus in Carrick-on-Shannon, Co Leitrim, which has a €6.6m guide price.

The second is a fully-fitted office investment in Baldonnell Business Park, Dublin 22, which is being offered for €1.8m.

The Carrick campus comprises 10,462sqm of offices. Consumer credit business Avant Money recently signed new lease terms for over 2,090sqm of its space. This leaves 8,371sqm available, which would allow purchasers to target firms seeking office space from 465sqm to 6,875sqm.

The remaining vacant space will be of particular interest to financial services companies, multinationals and business outsource providers looking for turnkey offices.

According to Savills, demand for this space should benefit from the recent government plans to encourage more workers to work remotely from towns and villages, in a bid to revive rural Ireland.

Serviced office provider Digital Office Centre Group is selling the property, which it acquired in 2016. Credit card firm MBNA had previously occupied the campus.

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Landscape House in Baldonnell currently delivers a 9pc net yield

Landscape House in Baldonnell currently delivers a 9pc net yield

Landscape House in Baldonnell currently delivers a 9pc net yield

The Baldonnell investment is known as Landscape House, a semi-detached building extending to 1,414sqm over two storeys and comes with 28 car spaces.

It is let to DPS Engineering and Construction Ltd, a global consulting, engineering and construction management company, serving high-tech industries around the world.

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The lease is for a term of 10 years with a five-year break option at an annual rent of €180,000 which equates to a net initial yield of 9.09pc. The fit-out is to a high standard and includes a double-height reception, boardrooms, elevator, canteen and raised-access floors.

Fronting onto the N7 Naas Road, Baldonnell Business Park is 15km southwest of Dublin city centre and just 6.5km from Junction 9 on the M50.

According to Will Heffernan of Savills, the Landscape House guide price equates to €118 per sqft, which is well below the cost of replacement.

Notable nearby occupiers include MJ Flood, Walls to Workstations, United Drug, and Home Store & More.


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