Wednesday 23 October 2019

Fully let office at Cork Airport seeking €750k

A FULLY let office investment in Cork Airport Business Park is for sale with a €750,000 price tag.

At this price it could provide an investor with an initial return of 10.7pc.

A two-storey modern building its floor area extends to 806.4sqm and is generating a current total income of €84,214 a year from two tenants.

Joint agents CBRE and Downing Commercial say that its key selling points include the lengthy unexpired term of one of its leases to OSG Ltd, as well as the quality of the building specification.

It also comes with 38 car spaces.

OSG Outsource Services Group occupies the ground floor under a re-geared lease at a current passing rent of €40,000 a year with an unexpired term of about 10 years remaining.

FCOS Limited occupies the first floor office suite under the terms of a five-year lease from October 2010 and are currently paying a rent of €44,214 per annum.

Both tenants represent low trade risk and are strong covenant tenants. This opportunity will be attractive to investors as both tenancies are let off a market rent.

The property was constructed in 2006 and is fully air conditioned and finished to a high specification throughout.

Irish Independent

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