Investors with a track record in and an appetite for active asset management will be interested in the opportunity presented by the sale of two of the blocks at the Cookstown Court office scheme in Tallaght, Dublin 24.
Guiding at a price of €5 million through agent BNP Paribas Real Estate, blocks A and B are currently producing a highly-reversionary rental income of €396,216 (excluding VAT) across five tenancies with an average passing rent of €115 per sq m (€10.70 per sq ft inclusive of parking).
The net initial yield of 7.21 per cent can easily be increased, according to the selling agent, through pro-active asset management involving lettings of the vacant office suite, lease re-gears and rent reviews. With a weighted average unexpired lease term of approximately 4.3 years, an alternative strategy would be to see out the existing tenancies, something which the agent says may be attractive to owner-occupiers or developers.
Blocks A and B comprise two four-storey over double-basement semi-detached office buildings extending to a gross internal area of 3,585sq m (38,594 sq ft) with 124 on-site car parking spaces. Constructed in 2005 and designed by HKR Architects, both buildings front on to a landscaped courtyard and form part of the wider Cookstown Court office development. Comprising four self-contained office buildings, the scheme is finished to a high standard.
Open-plan accommodation
Blocks A and B offer occupiers average floor plates ranging in size from 290sq m to 590sq m (3,121sq ft - 6,350sq ft) and offer flexible, bright, open-plan accommodation. The specification includes raised access floors, suspended ceilings with recessed lighting, VRF air conditioning, kitchenette facilities, ladies/gents toilets and shower facilities. Vehicular access to the double-level basement car park level is via a shared vehicle ramp at ground-floor level.
Cookstown Court is situated on the southern side of the Cookstown Estate Road in Tallaght. The immediate surrounding area is home to Belgard Retail Park and The Square, Tallaght, as well as industrial and residential areas. The M50 can be accessed 1.5 km from the property at junction 10, providing a link to Dublin’s city centre and its north and south suburbs. The Belgard Luas red line stop is located 300m from the subject property.
Further information on this sale is available from Matthew Vanston or Keith O’Neill of BNP Paribas Real Estate at (01) 6611233.
