Prime Office Opportunity for Sale
Guiding €4.75 Million
Dublin 9th March 2017 – CBRE are launching Unit 7, Eastgate Avenue, Little Island, Cork to the market, for sale by Private Treaty at a guide price in excess of €4.75 million which reflects a net initial yield of 7.46%.
Unit 7 Eastgate Avenue, Little Island, Cork is a 2 storey office building extending to a total area of approximately 1,975 sq. m. (21,262 sq,ft). Internally the building is finished to include a modern specification which comprises raised access flooring, suspended ceilings and air conditioning. The development includes 70 car spaces at surface level.
The office accommodation is 100% let to The Food Safety Promotion Board under a 25 year lease from June 2001 which expires in June 2026 giving over 9.2 years term certain. The total rent equates to €370,000 per annum. The OPW (The Commissioners of Public Works in Ireland) have sub-let a portion of the ground floor on a ten year lease from 2016.
The Food Safety Promotion Board and The Commissioners of Public Works in Ireland provide an excellent covenant.
The agents are seeking offers in excess of €4.75 million which equates to a NIY of 7.46% or €223 per sq. ft.
Given the security of the long term income from a Government body and the good location in a well-established business park we anticipate a strong level of interest for the asset.
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.