With commercial investments offering tax breaks particularly scarce, Lisney has sold two newly occupied office blocks at Cork Airport Business Park at yields of around 5 per cent. A private investor has paid £4.5 million for a building of 18,240 sq ft which is let to Black & Decker and Globe Technical Services at a combined rent of £230,000. The sale includes 881 car-parking spaces. The second block of 11,290 sq ft is rented by COM 21 (Ireland) at £146,770 per annum under a 20 year lease with a break option in the tenth year. The purchase price of £2.7 million equates to a yield of just over 5 per cent before the capital allowances are taken into account.

The business park, the first e-commerce park in Cork, will eventually have 490,000 sq ft of buildings along with a hotel and other facilities. Last year, Lisney sold around £30 million worth of investments at yields of 5 to 5.75 per cent, depending on the leasees and the quality of the tenants.