A modern building, it was built in 2008 by O’Flynn Construction as part of a new town centre sceme in Ballincollig. The two-storey property, which stands at the entrance to the town proper and has a high profile position on Main Street, is let to the Bank of Ireland group on a 25-year lease at a passing rent of €322,000 per annum. The premises hits the market with a guide price of €440,000 and has a retail element at ground floor with good passing footfall and high visibility, while on the upper floor has open plan, cellular offices with communications room, staff room and other office space. The ground floor includes back office elements and the layout is entirely flexible, says Niall Guerin of Savills.
The lease agreement with Bank of Ireland is on a 25 year basis from April 2006 and the passing rent has 15% uplifts every five years. Extending to a total internal floor area of 547.4 sq m (5,892 sq ft) and with standard purchaser’s costs of 4.46% deducted, the income yield would be 7% rising to 8.1% in 2016, says Niall Guerin, with an expected yield of 9.3% in 2021 and 10.66% in 2026.
Bought by a private investor at the construction stage (the building was part of a new town plan built by O’Flynn Construction in 2008), the property is now offered to the open market through Savills Cork office and their Dublin investment branch.
The premises fronts directly onto the street near a pedestrian junction and has a high rise car park to the rear in the adjoining office campus, a public car park available across the road and access to the relief road at the rear of the town centre.
Access to the Ballincollig bypass and ring road network is a short distance away. Nearby office occupiers include VM ware who use 28,000 square feet in the office campus at rates believed to be in the order of €17 psf.
Other investment opportunities in the campus are being offered to the market at the moment through joint agents, DTZ and Savills.
* Details: Savills 021-4271371 Investment Division Dublin 01-6181334