Two five-storey, over-basement office blocks completed around a decade ago by building contractors Walls at the Northern Cross Business Park on the Malahide Road, Dublin 17, will be offered for sale separately at relatively high yields through two selling agents.
Jacqueline Fitzpatrick of JLL is handling the sale of Newenham House, which will show a net initial yield of 7.6 per cent if the asking price of €16.3 million is achieved.
Separately Jane Dolan of Cushman & Wakefield is seeking in excess of €9.15 million for Newenham Court, which will show a return of 9.42 per cent.
The Northern Cross Business Park is a mixed-use development within a five-minute drive from Dublin Airport. It is adjacent to the junction of the Malahide Road and the R139, which provides access to the M1/M50 motorway interchange.
Newenham House extends to 6,387sq m/68,749sq ft and has a strong line-up of tenants, including Campbell Catering (guaranteed by Aramark Investments), Experian Group and Cerner Ireland Ltd. The block produces an annual income of €1,357,442 and has an average unexpired lease term of 7.4 years.
The building has 169 carparking spaces at basement and surface levels and is finished to a high standard, with open plan layouts, raised access floors, suspended ceilings and four-pipe fan-coil air conditioning.
Newenham Court has a floor area of 4,511sq m/48,558sq ft with L-shaped floor plates that can be subdivided. The main core contains two passenger lifts, stairs and toilets on each floor level. The office block is fully occupied by Mylan Ireland under two separate leases. The second and third floors are let under a 10-year lease from 2012; the ground, first and penthouse floors are let under a further 10-year lease from 2014.
The tenant has the option to terminate both leases in November 2019, or to end their occupation of the ground floor only on the same date.
In addition to the office investment, the sale also includes a development site of 0.79 of a hectare (1.952 acres), which is currently used by Mylan as parking for 207 cars. The office space produces a rent of €769,000 and a further €207,000 comes from the use of the development site.
