EastGate building has backing of two governments

Not one, but two governments — and their two currencies — are behind the agency and lease at a property investment just up for sale with a price tag of nearly €4m.

Up for sale is 7 EastGate Avenue in Little Island, Cork, a business park office building occupied by Safefood, the Food Safety Promotion Board, one of six special North-South cooperation bodies established after the Good Friday Agreement in 1999.

Described as Safefood’s HQ (it also has a Dublin office) the detached two-story building has 20,000 sq ft and “represents a superb opportunity for those looking for a secure property investment, with excellent rental income”, says Johnny Archer of Lisney’s Cork office. He notes that it’s held on a 25-year lease from June 2001, with a passing rent of €370,000 pa. Asking price is €3.95m, which represents an initial yield of 8.96%.