OfficeInvestment: A high quality office investment being marketed by agent Finnegan Menton is expected to attract strong interest when it goes to auction on March 23rd.
The agency is quoting over €4.5 million for the two-storey building at 2B Clonskeagh Square, Dublin 14, which is let to Bank of Ireland under a 35-year lease which has another 17 years to run. At that price the investment would show a net yield of just under 4 per cent.
Bank of Ireland is paying a rent of €194,000 and the next review is due in November, 2008.
The two-storey office building has a floor area of 743sq m (8,000sq ft) with a particularly generous allocation of 33 car-parking spaces.
Nicholas Corson of Finnegan Menton describes the sale as a "gilt edged investment with a quality covenant and a long unexpired term". He said there was significant potential for a further uplift in the passing rent in the next review which would take place in two-and-a-half years.
