OfficeInvestmentUnlike most office investments going for sale, Block 1 in Blanchardstown Corporate Park, Dublin 15, is only four years old and is occupied by the leading software company, Synopsys International Ltd.
Lisney is quoting €15.25 million for the distinctive five-storey building which has a floor area of 4,311sq m (46,403sq ft) and is producing a rent of €1,024,678. Purchasers can expect an initial yield of 6 per cent. The next rent review is in 2006. The 25-year lease, guaranteed by the parent company, Synopsys Inc, provides for a break option in year 12 but, if exercised, 12 months advance notice will have to be given along with a penalty of a year's rent and outgoings. The parent company employs 4,450 staff worldwide and had revenues last year of over $1 billion (€795 million).
Block 1 has a high tech finish, including full air conditioning and is located near the entrance to Blanchardstown Corporate Park which has also attracted eBay, the high profile American internet auction company. Its European headquarters occupies a building of 9,290sq m (100,000sq ft).
Other key occupiers include IBM, Texaco, Mexx, Kepak and Nike. The facilities also include a crèche, a 150-seater restaurant, petrol station and convenience store. The park is also convenient to Blanchardstown Town Centre.
