Dundrum Business Park investment guiding at €1.25m

Agent Lisney is guiding a price of €1.25 million for two fully-let and self-contained office investments in south Dublin.

Units 4A and 4B Dundrum Business Park are occupied by Broadridge Ireland Limited (previously t/a FundAssist Limited) at a passing rent of €55,250 per annum which will rise to € 104,614 per annum in July 2020.

Broadridge Ireland Limited has signed a new 10-year lease from July 24th, 2020, and has a break option on April 1st, 2027. The roof of the subject property includes a Meteor mast which produces €10,000 per annum and is included in the sale. This brings the overall passing rent to €65,250 per annum increasing to €114,614 per annum.

Excellent frontage

Unit 4A extends to 240.70sq m (2,591sq ft) and comes with the benefit of seven car-parking spaces, while Unit 4B extends to 125.09sq m (1,346sq ft) and has five car-parking spaces.

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The sale of the portfolio offers investors the opportunity to secure a net initial yield of 4.75 per cent, and a reversionary yield of 8.34 per cent following the deduction of standard purchaser’s costs of 9.96 per cent.

Dundrum Business Park has excellent frontage on to the Dundrum Road and is well-located within a five-minute walk of the Luas green line stop at Windy Arbour.

Thomas Byrne of Lisney says he expects the property to attract considerable interest from investors due to the combination of its new 10-year lease term offering, attractive term certain and agreed reversionary yield.