Investments: A substantial office investment involving the large Ericsson facility in Athlone has come on the market through James Meagher of HT Meagher O'Reilly.
A price of over €26 million is being sought for the office campus on a site of 14.85 acres at Cornamaddy Road in Athlone.
There are three office buildings on site with a combined area of 12,479sq m (134,325sq ft)
The campus is let to Ericsson Systems Expertise Ltd on a 25-year lease from 2001 at a current rent of €1,634,153. The full repairing and insuring lease is subject to five yearly upwards-only rent reviews. The rent is reviewed to the higher of the open market value or a 10 per cent increase.
However, Ericsson has a break option in year 15 subject to 12 months' notice and a payment of a one-year rental penalty.
For investors, there is the added attraction of €5.17 million in capital allowances which are available over a 16-year period on a straight line basis.
The two-storey Atrium Building provides 3,501sq m (37,684sq ft) of open-plan and executive office space. It is linked at ground and first floor level to a mainly single storey rear building which was redeveloped for office and software work and has a total floor area of 8,627sq m (92,860sq ft). The Communications block extends to over 349sq m (3,757sq ft). Each building is fully air conditioned while the Atrium Building has raised access floors in the office area.
The facilities include a staff canteen and diningroom and the use of a jogging track and basketball court. Ericsson is a leading world provider of telecommunications equipment and related services to mobile and fixed network operators.
