AN INTERESTING office block rented by the Office of Public Works in Balbriggan, Co Dublin, is to be offered for sale by receiver Kieran Wallace of KPMG on behalf of ACC Bank.
Sarah Dillon of Savills estate agency is quoting a guide price of €4.6 million for the investment which is located in the recently developed Fingal Bay Business Park.
The three-storey block has a total floor area of 2,908sq m (31,000sq ft) and is currently producing a rent roll of €390,000. The 20-year lease dates from January 2004 and has more than 11 years to run. Based on the asking price of €4.6 million, a purchaser could bank on an income yield of 8 per cent after standard purchasing costs of 4.46 per cent are taken into account.
The ground floor of the building includes an open-plan reception area as well as cellular offices. The first and second floors offer flexible accommodation and are currently used for cellular units as well as staff room and canteen.
Sarah Dillon said she expected strong interest in the investment because of the attractive return and the long-term income security from a government tenant.
