Sale & Leaseback Investment, City Gate Park, Cork
Block C, City Gate Park, Mahon, Cork
Dublin / Cork 7th June – In one of the most exciting investment sales of 2018, property advisors CBRE are delighted to launch Block C, City Gate Park to the market for sale by Private Treaty, on a sale and leaseback basis quoting €21 million. This prime asset is located in City Gate Park, let to Quest Software International Limited under the terms of a new 15-year lease producing an annual rent roll of €1,600,000 per annum. This sale presents a unique opportunity to acquire a modern office building in the most successful office campus in Cork. CBRE are instructed as sole agents to dispose the asset on behalf of the vendor and anticipate a strong level of interest from Irish Institutions and European Investors.
City Gate Park is a state of the art modern office development located in Mahon, originally developed by John Cleary developments in 2012. City Gate Park is located approximately 5km southwest of Cork City centre and is strategically positioned close to the South Ring road network affording easy access to Cork Airport and all main arterial routes. There are a wide range of amenities close by with Cork’s largest shopping centre Mahon Point within a short walking distance. City Gate Park comprises 27,870 sq m (300,000 sq ft) of Grade A office accommodation together with 500 car parking spaces and contains a host of indigenous and international occupiers such as: Dell EMC, McAfee, Qualcomm, FireEye, Voxpro and Ronan Daly Jermyn Solicitors.
Block C, City Gate Park extends to a gross area of approximately 8,119.6 sq m (87,399 sq ft) in total and comprises a modern high specification four storey office building. It is of concrete frame construction with attractive elevations, which consist of a combination of glazed aluminium curtain walling and polished limestone finishes. Internally the ground floor comprises main reception area, open plan offices and meeting rooms, the first and second floors comprise open plan offices, meeting rooms and kitchen and the third floor comprises open plan offices, larger meeting rooms, training room and large communal canteen. The third floor has the benefit of wrap around balconies. The building has the benefit of secure basement car-parking for 180 cars.
Quest Software International Limited
Quest helps solve the complex technology and security problems that stand in the way of organizations’ ability to always be ready for what’s next. With Quest solutions, companies of all sizes can reduce the time and money spent on IT administration and security, so they have more time to focus on and invest in business innovation.
Quest has more than 100,000 customers worldwide across its portfolio of software solutions spanning information management, data protection, endpoint systems management, identity and access management, and Microsoft platform management.
In 2017 Quest Software International Limited had a turnover of US$388.9m which increased by 13% on the previous financial year. Net Profit increased significantly from US$12.5m to US$26.7m over the same period. In 2017 the company had a net asset value of US$188.2m.
The Office Market has consistently been the best performing of the commercial real estate sectors in Cork over the last number of years. Similar to Dublin, the Cork Office market has experienced strong recovery. Strong office demand coupled with the lack of development for several years has resulted in rising rents and low vacancy rates. Currently Prime City Centre office rents are €350 psm. A feature of the Cork office Market over the last 12-18 months has been a strong shift in demand away from the business parks towards the urban centres such as Mahon and the city centre.
In 2017 €2.5 billion traded in the Irish Investment market and total returns reached 6.40%. Office Investments accounted for 37% of the overall spend. Regional transactions accounted for 16% of the spend. In the context of the Cork Investment Market, CBRE estimate that there has been approximately €555 million of Investment transactions since 2015 accounting for 74 deals. In 2017 there was €187 million of investment transactions in Cork, up from €56.5 million in the previous year.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), 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 2017 revenue). The company has more than 80,000 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.
CBRE U.C., (CBRE Ireland) registered in Ireland, no. 316570. PSRA Licence No. 001528 is the country’s largest commercial real estate services company with offices in Dublin and Cork. Currently employing over 135 employees, we work with occupiers, investors and developers of office, industrial and logistic, retail, hotel and healthcare property, providing strategic advice and execution for property sales and leasing; tenant representation, corporate services; property and project management; appraisal and valuation; development services; investment management and debt advisory; business rates and compulsory purchase and research and consulting. Please visit our website at www.cbre.ie