Agent TWM is quoting an asking price of €5.5m for a high-yielding office investment fully-let to Generali International Ltd at Navan IDA Business & Technology Park in Co Meath.
Generali House is a modern, two-storey office building extending to 26,059 sq ft. The subject property stands on a large site extending to 2.4 acres and includes 109 surface level car spaces. The building is let to Generali on a 20-year, full repairing and insuring (FRI) lease dating from August 23, 2011, at a rent of €505,714 per annum with a fixed increase to €556,260 per annum due in 2021.
There is a break option in 2026 providing a lengthy term certain of approximately 8.3 years. The €5.5m asking price will provide investors with an attractive initial return of 8.5pc increasing to 9.32pc in 2021.
Generali International Limited has had a presence in Ireland since 1999, and is a global leader in insurance and employee benefit solutions.
Ollie Lyons of TWM expects the property to generate significant interest from property investors and funds seeking a high-yielding provincial asset with a strong covenant.