Private investors looking to acquire a secure, low-risk income stream backed by a blue-chip covenant will be interested in the opportunity presented by the sale of Centrepoint, a fully let office block at Liosbán Business Park near Galway city centre. The property, which extends to 1,568.3sq m (16,881sq ft), is being offered for sale by agent Harvey at a guide price of €2.75 million.

Centrepoint is let to Galway County Council, at a passing rent of €280,000 a year, equating to €16.60 per square foot. The tenant occupies the building under a 10-year full repairing and insuring lease commencing in December 2024, following their original lease, which began in 2006. The lease includes tenant-break options in June 2030 and December 2031 along with a rent review scheduled for December 2029. Galway County Council is a statutory government body responsible for the administration and delivery of a wide range of public services across Co Galway. As an agency of the Irish State, it benefits from central government funding and oversight. Centrepoint is occupied by the council’s Environment Water Services unit.

Siobhan Convery of Harvey says: “Galway County Council has occupied Centrepoint since 2006 and its decision to enter a new lease in 2024 reaffirms its long-term commitment to the building. With a yield of 9.25 per cent and an underlying capital value of only €163 per square foot, which is well below replacement cost, Centrepoint presents a compelling investment opportunity.”