An office block mainly rented by the Office of Public Works and an adjoining redevelopment site at The Murrough in the centre of Wicklow town are for sale at an asking price of €1.6 million. Lisney and Clarke Auctioneers are handling the sale of the two properties close to the coastline, which are producing a rental income of €165,000 per annum.
The 14 year year old L-shaped office building extends to 1,063sq m (11,442sq ft) over three levels. The ground and first floors are rented by the OPW at €124,000 per annum, with five years remaining on the 20 year lease. The second floor is rented by Teck Ireland, a subsidiary of an international mining company, at a rent of €41,000. Its lease is also due to run until 2020.
Internally, the office accommodation is arranged around a central access core at ground, first- and second floor levels. There are 20 car-parking spaces to the front of the block.
The redevelopment site, which may be sold separately, extends to 0.7 of an acre and includes three vacant industrial buildings with an overall floor area of about 400sq m (4,305 sq ft). The entrance to the yard is from a secured gate on the Murrough Road. Seven car-parking spaces within the yard are let to Teck Ireland on a licence agreement at a rent of €250 a month.
The fact that the site is zoned for a broad range of developments and is located close to the town centre and the sea should ensure an early sale.
The joint agents are asking €1.25 million for the office investment and €350,000 for the site.
