Citywest Purchase

18 September 2013

Two adjoining office buildings rented by international companies at Citywest Business Park in west Dublin have been sold for slightly over the asking price of €6.5 million.
They were bought by a UK property investment company Hattington at a yield of 9.75 per cent.  Duncan Lyster of Lisney handled the sale of the buildings which attracted six bidders from Ireland, Britain, Europe and Asia
The two-storey Blocks A and B at Lake Drive have strong covenants in Roche, Canon and Aspen Pharma.  The companies are paying overall rents of €663,468 for 2,915sqm (31,380sqf) of offices and 133 parking spaces.
Rents vary from €129 to €200 per sqm (€12 to €18.60 per sqf).  Car-parking facilities are rented at €800 per space.  The average period remaining on the office leases works out at around 9.5 years.
The two blocks date from 1998 and were finished to a high standard including glazed double height entrance halls, raised access floors and suspended ceilings.