With Park West Business Park at Nangor Road in Dublin 12 on the road to recovery after a difficult seven or eight years, agents Cushman & Wakefield are confident of securing about €1,350,000 for a three-storey mid-terrace office building which will show a net initial yield of 12.7 per cent.

Faz Technology occupies the ground floor of 9C, which extends to 1,728sq m (18,599 sq ft) and is let on a 10-year lease from 2014 at a current rent of €119,462. The tenant has a break option at the end of June 2019.

The second floor is let to CR2 Ltd on a 10-year lease from September 2013, at a rent of €59,731. Here again there is a break option in June 2019.

Patricia Ward of Cushman & Wakefield, who is handling the sale, said that with asset-management opportunities to be discussed with the existing tenants and capital values rising steadily now was a good time for owners or owner-occupiers to look at ParkWest.

Owner occupiers

Rents have risen from €7 to €12 per square foot in the past 24 months in the park, which has also seen a large take up of vacant space by owner occupiers who have opted to remain in the park. The recovery has also triggered an increase in capital values for both vacant blocks and investment properties.

Cushman & Wakefield recently secured well in excess of its €900,000 guide price for Block 9a, which attracted a larger number of bidders than usual.

Park West is located 8km southwest of Dublin city and is served by the Arrow railway service.