Excellent Office Investment Opportunity for Sale Guiding €8.5 Million
Dublin 8th March 2017 – Property advisors CBRE are delighted to offer a prime Investment opportunity to the market for Sale by Private Treaty.
6 Ard Oran, Oranmore Business Park, Galway is tenanted by Cisco and comprises a beautifully designed modern office building extending to an area of approximately 4,613 sq. m. (49,654 sq. ft). The development includes a basement carpark comprising 99 car parking spaces; in addition there are 42 surface car spaces as part of the sale. The building is superbly situated in Oranmore Business Park on the junction of the R466 and M18 and offers direct access to the Galway and national road network. The scheme is producing an annual rental income of €773,850.
The tenant company Cisco is headquartered in San Jose, California and comprises a multinational corporation that designs and sells communications technology and services. As of 2016 Cisco has more than 71,000 employees worldwide and an annual revenue of US$49.0 billion.
The tenant is in occupation on a 25 year lease from November 2007; the lease incorporates 5 yearly upward only rent reviews and has a term certain in excess of 5.70 years with the next break option not until November 2022.
Galway has attracted a strong volume of Foreign Direct Investment in recent years with new entrances in the market including IP Switch, MetLife, The Mathworks, and Site Minder. This increased FDI is driving strong occupier demand in Galway, which coupled with a shortage of office accommodation is causing office rental levels in the city to grow.
The agents are seeking offers in excess of €8.5 million which equates to a NIY of 8.72% or €171 per sq. ft
This is a prime opportunity to acquire a high profile asset in Galway, the strong tenant covenant, beautifully designed building and suburb connectivity is likely to appeal to a variety of investor classes.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
In Ireland, with offices in Dublin and Belfast, CBRE is the country’s largest commercial real estate services company, now employing over 165 employees and offering a full range of property services including property sales and acquisitions, leasing and management, investment, corporate services, debt advisory, project management, consultancy, business rates and compulsory purchase, valuations and research. Please visit our website at www.cbre.ie or www.cbre.ie/ni.