Investors looking for long-term rental income underpinned by a strong tenant covenant will be interested in the sale of a self-contained office suite at the Citywest Business Campus in Dublin. Number 3015 Lake Drive is being offered to the market by Browne Corrigan Chartered Surveyors on behalf of Davy Hickey Properties at a guide price of €900,000.
The property, which is let to Citywest Ltd on a 20-year occupational lease that commenced on May 1, 2022, accommodates the management and security personnel who administer the day-to-day operations of the wider Citywest development. The passing rent is €58,730 per annum and includes the provision of eight car-parking spaces. The guide price equates to a net return for the buyer of around 6 per cent.
The suite itself comprises 234sq m (2,518sq ft) and is fitted out to a high specification. This includes newly installed air conditioning (heating and cooling), carpets, perimeter trunking, and a fitted kitchen. The offices and meeting rooms are flexible so that dividing walls are moveable to create a large lecture/conference facility.
Citywest is widely regard as one of Ireland’s foremost business campuses. The development is located just off the M7 (Dublin to Cork/Limerick motorway), and just three minutes’ drive from Dublin’s main orbital motorway, the M50. Citywest’s accessibility is further enhanced by the presence of the Luas red line which offers direct services to Dublin city centre.
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Citywest’s occupier base includes numerous major corporates such as SAP, Eir, Adobe, Unilever, Fidelity, Glanbia, and United Drug.
Peter Browne of Browne Corrigan says: “The combination of this newly refurbished office suite, let to an excellent covenant and situated in a beautiful setting within this successful business campus, offers a wonderful opportunity for an Investor to acquire an ideal personal pension, or to add to the quality of their existing portfolio.”
