Tuesday 12 November 2019

Fine Grain buys offices in Citywest for 'around €10m'

Flexibility: 3013 Lake Drive offers Fine Grain’s clients a ‘plug-and-play solution’
Flexibility: 3013 Lake Drive offers Fine Grain’s clients a ‘plug-and-play solution’
Donal Buckley

Donal Buckley

Fine Grain Property, the Irish-owned business park operator and investor, has acquired 3013 Lake Drive, a three-storey 38,000 sq ft purpose-built office building on the Citywest Business Campus in south-west Dublin.

The vendor, Davy Hickey Properties, owns most of the properties on the business campus.

A spokesperson for Fine Grain declined to disclose the price but it is believed to be around €10m.

Part of the building is let to a number of companies including pharma firms Takeda and Valeant, a subsidiary of Bausch health.

The other part is operated as serviced offices which had been trading as Citywest Business Centre. The Fine Grain spokesman said The Prem Group is operating the serviced office space on its behalf.

Declan O'Connor, head of property for Fine Grain, said its clients are increasingly looking for flexibility in their real estate offering and 3013 provides it, "offering a landing site for new international clients entering the country and effectively providing them with a plug-and-play solution".

There are over 160 multinational companies operating out of Citywest Business Campus, as it is a key location for FDI into Ireland, and the campus has a wide variety of facilities for the employees that are based there. Office rents range between €21 and €24 per sq ft or about a third of those in the city centre.

Among the early backers of Fine Grain was the Government's Ireland Strategic Investment Fund. Over the past three years, the property investor has expanded its portfolio to 15 mainly provincial properties worth a combined €180m and with more than 920,000 sq ft of workspace.

This latest deal was conducted off-market in a 12-week time frame.

It is also the third deal worth a combined €65m announced by the firm in the last six weeks. The largest of these was the purchase of the 40-acre Westpark business campus in Shannon, Co Clare, from Westpark Shannon Ltd for in excess of €50m.

Westpark is home to some 50 companies and has planning permission for a further 300,000 sq ft of office space.

Last week, it also acquired Block C at the Maynooth Business Park, Maynooth, Co Kildare, for a sum believed to be around €5m.

Fine Grain considers 3013 Lake Drive as a great addition to its property portfolio and provides "a foothold in one of Ireland's most favoured locations for international business".

The firm prides itself on providing the right mix of facilities and close proximity to like-minded employers and educational institutions providing access to talent and critical infrastructure.

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