Investments:A seven-year-old office at South Circular Road in Kilmainham, Dublin 8, is for sale by private treaty at over €10.8 million. It will show a net initial yield of 5 per cent, according to Nicholas Corson of Finnegan Menton.
Vista TEC House at number 700 South Circular Road is on the western end of South Circular Road close to the entrance of St James's Hospital and the newly opened Hilton Hotel.
The 1,801sq m (19,486sq ft) building is let to Vista TEC Ltd on a 25-year full repairing and insuring lease from December 2000 at a rent of €602,539 per annum.
The tenant is a computer company offering software localisation services. It has an Irish headquarters and further offices in the United States.
The lease, which includes 20 car-parking spaces, provides for a break option in year 15 subject to payment of a 12 month rent penalty and on giving one year's prior notice.
Finnegan Menton expects the investment to be of interest to private investors, syndicates and some of the smaller pension funds because of the long term secure income from what is a high quality building. The west side of the city is experiencing considerable development, including several major schemes opposite Heuston Station - these include a new headquarters for Eircom - and a large commercial and residential development at the former Chocolate Factory in Kilmainham.
There are also several developments in the pipeline for the Digital Hub area around Thomas Street.
