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HWBC are delighted to announce the sale of a superb office investment fully let to OPW and with a term certain of over 10 years.
Blocks B1, B2, Ninth Lock Road are let on two new coterminous leases from October 2017. The Leases are drawn on full repairing and insuring terms and are producing an annual rent of €330,000pa with a fixed uplift in 2022 to €365,000 p.a.
The offices, which extend to 30,610 sq. ft. (GIA) include 94 car spaces on a large site and occupy a high profile location in Clondalkin, directly opposite the busy and successful Mill Shopping Centre. The Department of Social Protection, who operate their Intreo service from the buildings, re-geared the leases in 2017 underpinning the importance of the buildings and the location.
The joint agents are seeking a price in excess of €5 million which reflects an attractive net initial yield of 6% which will rise to 6.73% in 2022.