- Two adjoining modern office blocks extending to 2,394.39 sq m (25,773 sq ft) NIA with 98 cars
- Single let on coterminous leases to a government covenant the Office of Public Works (OPW)
- New 14 years and 6 months’ lease at an initial total rent of €330,000 per annum
- Fixed uplifts at year 5 (2022) to €365,000 per annum
- Term certain of over 10 years
- 98 parking spaces
Full Description
*SOLD*
HWBC is 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.
HWBC is quoting €5M for the investment equating to a net initial yield of 6% which will rise to 6.73% in 2022 (after normal acquisition costs of 8.46%).
Please contact Patrick Campion of HWBC for further information or to arrange an inspection.
For Sale by Private Treaty (Tenant Not Affected)
Property Brochure
