Prime Cork office venture at €7.25m
A prime office investment opportunity with long-term secure income from two strong tenant covenants in the established Cork Business & Technology has been brought to the market. The investments are being offered for sale by Lisney for €7.25m for the entire, or alternatively in two lots.
While the properties currently deliver an overall passing rent of €808,000 per annum, this is set to increase to €861,000 over the next four years. The weighted average unexpired lease term (WAULT) is over 3.92 years term certain.
Unit 8 (Lot 1) comprises a detached, mainly single-storey business and technology unit of approximately 24,755 sq ft. The property was recently fitted to the highest standard and is occupied by Apple Operations Europe on a lease with six years to expiry. Apple Operations Europe operates as a subsidiary of Apple Inc.
Unit 14 (Lot 2) comprises a detached, part two-storey, part three-storey business and technology unit of approximately 36,340 sq ft. The property is fully-occupied by internet and cloud computing specialists Trend Micro (EMEA) Ltd under two separate leases with nine years to expiry on both.
Other occupiers in the park include Boston Scientific, Alcon, Abtran and Pilz. The scheme is located 2.5km west of Cork city, and 5km north of Cork International Airport.