Commercial Property

Sandyford Business Park office buildings new to market and fully let

Eir rents one of the units on a 35-year lease, which produces a rent roll of €222,000

Unit 3, which is let to Phonewatch on a 35-year lease, is for sale at €1.425 million

Justin Comiskey
Wed Oct 10 2018 - 03:15

Two fully-let office buildings with warehouse space to the rear in Sandyford Business Park are new to the market this week through agent BNP Paribas Real Estate.

Unit 4, let to Eir on a 35-year lease from October 1994, produces a rent roll of €222,000 and is guiding €3.025 million, which would suggest a net initial yield of 6.7 per cent. It extends to 919sq m (9,892sq ft) and has 28 car-parking spaces of which 10 are let to Ardagh Group on a separate licence agreement.

Unit 3, a mid-terrace two-storey building, is for sale at €1.425 million. It is let to Phonewatch Ltd on a 35-year lease from March 1991 at a rent of €100,000 which would suggest a net initial yield of about 6.5 per cent. It extends to 434sq m (4,671sq ft) and comes with 10 dedicated car-parking spaces.

Opportunities

Both Phonewatch and Eircom are not in occupation which may present further asset management opportunities for a purchaser.

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These two properties form part of an eight-unit scheme developed in 1990. Many of the units are let under upwards-only leases due to end in about seven years’ time.

The business park is opposite Leopardstown Retail Park and within walking distance of the Luas green line.

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