Receivers quote €1.6m for Tallaght block

Another Dublin office block goes on the market this week on the instructions of receivers. CBRE is quoting €1.6 million for Block D at Cookstown Court in Tallaght, Dublin 24, which will give new owners a net initial yield of 8.29 per cent.

Cookstown Court stands out as the only modern office development in the area around Cookstown Estate Road and Old Belgard Road where the occupiers include Aldi, Renault and the Road Safety Authority. One of the attractions of Cookstown Court is that it is within a short walk of Belgard Luas station.

The four-storey over basement block extends to 1,300sq m (14,000sq ft) and is let to Cabot Financial Ireland Ltd on a new 15-year lease from last June with a break option in 2020.

The company is paying a contracted rent of €138,557 and has provided a guarantee from its parent company Cabot Credit Management.

The building is exceptionally well finished and includes air conditioning, card access security, a modern staff canteen and 53 car-parking spaces at basement level.

Fiona Kennedy of CBRE said she is expecting strong interest in the investment not least because of the appeal of the covenant and the close proximity of the building to the Luas service.