Portlaoise office offers 13pc yield
Ellen Prenderville of QRE is guiding a price of €530,000 for an office investment at Grattan Business Park in Portlaoise, Co Laois.
The property comprises the entire first floor of Pavillion B and is occupied by The Commissioner of Public Works in Ireland. The tenant also occupies the ground floor of the building and a neighbouring building, all of which are owned by different parties and are not included within the sale.
The tenant had a five-year lease from 2006 which has now expired, and is paying a rent of €74,660 per annum for the subject unit which comprises of 4,251 sq ft of office accommodation and 45 car parking spaces. The guide price of €530,000 reflects a net initial yield of 13pc off the passing rent.