An office and warehouse investment at Little Island, east of Cork city, is for sale with a €3.5m guide price.
Selling agents Edward Hanafin and Johnny McKenna of Lisney say this price would offer investors a net initial yield of 7.45pc after allowing for standard acquisition costs.
“The guide sale price equates to just over €140 per sqft which is well below construction cost for an office property of this quality,” they add.
It is located at 1101 to 1103 Euro Business Park, Little Island. Originally completed in 2008 it was bought some years later by a Cork-based private investor who secured the lettings and is now selling it.
It comprises a detached three-storey office building of 6,522 sqft together with a separate office and warehouse building of 18,139 sq ft, of which 71pc is in offices on a site of 1.26 acres with 89 surface car spaces.
Both premises are fully occupied with six tenants, three in each building. Tenants include Eolas International, Chubb, Interactive Interiors, Traco Power Solutions, H & MV Engineering and CompuCal Calibration Solutions.
Lease terms range from five to 10 years and four of the leases commenced in 2021.
Combined current rental income totals €286,527 per annum.
The main office areas are finished with raised access floors, air conditioning, extensive floor-to-ceiling glazing and there is lift access to all floors.
The warehouse areas have generous eaves heights, and loading access is provided by sectional loading doors.
Euro Business Park is an established commercial location just off the N25 and about 9km east of Cork city centre.
It is situated about 3km east of the Dunkettle Interchange where a €215m upgrade is progressing and is on target for completion in early 2024.
The Dunkettle Interchange leads to the M8 Cork-Dublin Motorway and the Cork south ring road which links to Ringaskiddy Port and many international pharmaceutical businesses, as well as Cork Airport.
Another office property in Little Island sold in the third quarter of this year for €3.6m.
Building 4 Eastgate comprises a 2,000 sqm detached two-storey office property currently let to MACOM Technology Solutions.
The price equates to a net initial yield of 7.4pc.