Two adjoining office buildings rented by international companies at Citywest Business Park in west Dublin have been sold for slightly over the asking price of €6.5million.
They were bought by a UK property investment company Hattington at a yield of 9.75 per cent. Duncan Lyster of Lisney handled the sale of the buildings which attracted six bidders from Ireland, Britain, Europe and Asia.
The two-storey Blocks A and B at Lake Drive have strong covenants in Roche, Canon, and Aspen Pharma. The companies are paying overall rents of €633,468 for 2,915sq m (31,380sq ft) of offices and 133 parking spaces.
Rents vary from €129 to €200 per sq m (€12 to €18.60 per sq ft). Car-parking facilities are rented at €800 per space. The average period remaining on the office leases works out at around 9.5 years.
The two blocks date from 1998 and were finished to a high standard including glazed double height entrance halls, raised access floors and suspended ceilings.
John Harrington of Harrington & Co advised the purchaser.
