Good investment to land building in Cork Airport Business Park

Building 4300, Cork Airport Business Park, let to Arris, is for sale as an investment.

STANDALONE office building, let to NASDAQ-quoted IT company, Arris, with 6,000 employees worldwide, across more than 50 offices in 30 countries, is for sale in Cork Airport Business Park.

Building 4300 in the business park is let to a division of Georgia, US-based video, entertainment and broadband communications technology company Arris Communications Ireland Ltd.

The company, with a global office reach, also has European offices in Belfast, Amsterdam, Paris and Madrid, and at Cork Airport Business Park where it is surrounded by like-minded IT and communications-related companies, many of which, like Poppulo (previously Newsweaver), Open Text, have expanded their office presence there.

The entire building is held on a 21-year lease from 2000, at a current annual rent of €144,755, and has a guide price of €1.55 million via agents Margaret Kelleher and David McCarthy of Lisney, acting jointly with HWBC’s Jenny Prunty and Emma Murphy, based in Dublin.

At that price level, it indicates a return of 8.6% net interest yield.

It comes to market just as Savills Cork closed ‘best bids’ on a larger CABP investment. Yesterday saw best bids received on the 48,000 sq ft, Unit 30, let to BNY Mellon, earning €341,000, and with 24,000 sq ft available as a further asset enhancement feature. It’s likely there were as many as a dozen bid documents given to a range of possible buyers, national and international, from funds to private investors, sources say. In the second phase of the park (and where overall vacancy is continuing to shrink) Unit 30 is held on a 20-year lease from 2006.

Meanwhile, the offices at 4300 are fitted to a modern specification, with 45 car spaces. Occupiers in the park include Amazon, Bord Gáis Energy, Red Hat, IBM, Open Text, Clearstream and SEAI.

The Airport Business Park spans some 750,000 sq ft of offices just south of Cork city, and is a 10 minute walk from the arrival and departure lounges of the southern city’s redeveloped airport: just this week, the airport said it plans to demolish the old terminal, and bring some 40 acres forward for further aircraft parking, business and other uses over the next five years.

The largest Business Park building, the 60,000 sq ft 5100, sold via Lisney in summer 2016 for c €5.5 m to a local investor after going to best bids.

DETAILS: Lisney 021-4275079, HWBC 01-775 0500


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