Suburban Office Investment Brought to the Market
Block D Cookstown Court Provides Grade A Office Space with Excellent Transport Links.
Dublin, 25th September 2015 - CBRE are launching Block D, Cookstown Court in Tallaght to the market for sale by Private Treaty. The selling agents are understood to be quoting €1,600,000 for the modern office block which will allow for a net initial yield of 8.29%.
Cookstown Court is a modern office development situated at the junction of Cookstown Estate Road and Old Belgard Road in Tallaght. The offices are the only modern office development of their kind in the immediate area, where local occupiers include Aldi, Renault and The Road Safety Authority. Cookstown Court is very well serviced by public transport, with the Belgard Luas Station situated just metres from the property.
Block D is a four storey over basement building of approximately 1,300 sq. m. (14,000 sq. ft.). The building comprises open plan and cellular office space and has been fitted out to an exceptional standard to include air conditioning, card access security, modern staff canteen and shower facilities. There are 53 car parking spaces provided at basement level. The property is single let to Cabot Financial Ireland Ltd. under a new 15 year lease from 23rd June 2015. There is a break option in June 2020. Cabot Financial Ireland Ltd. have a contracted rent of €138,557 per annum and there is a parent company guarantee in place from Cabot Credit Management.
I would envisage strong interest in Block D, being a modern office building, recently leased to a strong covenant. Its proximity to local infrastructure and public transport further adds to its strength as a suburban office investment
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.