An interesting office investment has come on the market with the forthcoming sale of the Fiat corporate headquarters at the busy intersection of the Naas road and the M50 roundabout in west Dublin.
Agents Harrington Bannon indicate a guide price of over £2.6 million for the two-year-old building to be sold by tender on May 28th. The block has 12,100 sq. ft on three levels and 45 on-site car-parking spaces.
It is let to Fiat Auto (Ireland) Ltd on a 20-year lease from the end of 1997 at £145,000 per annum but the selling agents believe the current rental value to be in the region of £185,000. Fiat has the option of breaking the lease in the 10th and 16th years on payment of a penalty.
David Clarke of Harrington Bannon says the headquarters would enhance any portfolio given its location, excellent covenant and obvious rental growth potential.
Fiat Auto (Ireland) Ltd, incorporated in 1923, is a wholly-owned subsidiary of the Italian company. The firm imports and distributes Fiat and Alfa Romeo cars for the Irish market. Gross turnover for 1997 exceeded £70 million.
