Wednesday 26 June 2019

Opportunity knocks in Dublin, Cork & Limerick

HWBC is offering three units at the Apex Business Centre in Sandyford for a combined price of €1.95m
HWBC is offering three units at the Apex Business Centre in Sandyford for a combined price of €1.95m
Donal Buckley

Donal Buckley

Seven investment properties in Dublin, Cork and Limerick with combined guide prices totalling over €7m are being offered for sale in five or seven lots.

HWBC are offering the properties on behalf of five private investors for private treaty sales. Five of the lots are in Dublin, including office units and a leisure centre.

Of these, three units at the Apex Business Centre on Blackthorn Road in Sandyford, Dublin 18, are available in one or three lots at a combined guide price of €1,950,000. They range in size between 190 sq m and 311 sq m and have the benefit of 15 basement car spaces. Together, the units produce an annual rental income of €137,272 from three tenants.

HWBC says the price reflects an overall initial yield of 6.5pc and has potential for significant increase. The price also reflects an average of €2,743 per sq m. The Apex centre is one of the more prestigious office buildings in Sandyford and is located just five minutes' walk from Stillorgan Luas station while Sandyford Business District's proximity to the M50 is encouraging a number of new office developments in the area.

A two-storey, standalone office building in Cork has a €1.55m guide price. Known as Block G13 at Cork Airport Business Park, the 858 sq m building has a modern office specification as well as the use of 45 surface car spaces in a business campus, adjacent to Cork Airport. The property is let to Arris Communications under a 20-year lease with a passing rent of €144,755 per annum. This suggests a net initial yield of 8.61pc while the price is equivalent to €1,806 per sq m.

The quality of the location is reflected in the calibre of the multi-national occupiers within the park which include IBM, Amazon, BNY Mellon and Bord Gáis Energy.

In Limerick, Units 1-8, Q Parade on Childers Road, are for sale in one lot for €1.5m reflecting an initial yield of 9.19pc. With a net internal floor area (NIA) of 1,220 sq m, they comprise six retail units and two units let to medical and dental practices which generate current combined rental income of €149,558 per annum.

Occupiers include Subway, Southside Pharmacy and Grand Cru Wines. HWBC's Jenny Prunty says the rents have potential to be significantly increased through active asset management. Childers Road is one of Limerick's busiest retail locations due to its retail park which offers a wide range of retail outlets.

In the heart of Dublin 2's business district, a ground floor and basement office suite at 91 Harcourt Street has a €565,000 guide price. Extending to 94 sq m NIA, it generates a passing rent of €20,500 per annum and again the agent says it has potential for increases. As well as benefitting from one parking space, it is located just three minutes' walk from St Stephen's Green Luas station.

"The bright and tastefully-fitted offices will appeal to both investors and owner occupiers," says HWBC associate director Gavin Brennan.

A gym and leisure centre at Block G, Smithfield, Dublin 7, is guiding €1.5m. Known as Iconic Health Club, it generates €150,000 in annual rent from its 3,179 sq m gross internal floor area which extends over ground and double-basement levels. This unusual investment is in a high-profile location fronting Smithfield Square, adjacent to the Maldron Hotel and is convenient to the Luas red line station on the square.

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