Drogheda investment property with €3.5m guide
REA O'Brien Collins is seeking €3.5m for an investment property in Drogheda. Knockbrack House, Matthew's Lane, Donore Road, Drogheda is described as being a "modern fully let office building".
The property was built eight years ago and located just off Junctions eight and nine on the M1 motorway.
Knockbrack House adjoins a Tesco Extra and Drogheda Retail Park. There is a total of approximately 1,921 sq m (20,679 sq ft) offices over three floors together with 75 on site car spaces.
Part of the ground and entire first and second floors are leased to Flogas at a passing rent of €184,818 per annum whilst the balance of the ground floor is leased to a DCC related company, Energy Procurement Ireland. That firm pays a passing rent of €72,900 per annum.
The total rent roll is €257,718 per year representing a net initial yield of 7.05pc.
The main lease to Flogas has a break in 2025 whilst the part ground floor lease has breaks in 2019 and 2025.
"With the Flogas current rent breaking back at €12 per square foot excluding car spaces, there is immediate potential for rental uplift as at its outstanding June 2015 rent review", said Gabriel O'Brien, who is managing the sale.