Take off with airport site

STRONG covenants, market rents, and an initial yield of 10.7% are some of the attractions of an office investment for sale at Cork Airport.

The building, previously occupied by developer Bernard McNamara who co-developed the Business Park at Cork Airport, carries a €750,000 asking price via joint agents Downing Commercial and CBRE.

Built in 2006, it has 8,700 sq ft and is split into two self-contained office suites. Units C and D in Building 6500 have a high specification, with raised access floors, suspended ceilings, lift, air con and parking for 38 cars.

It’s producing €84,200 a year from sub-lettings to two tenants. Tenants are OSG Outsource Services Group on the ground floor paying €40k pa, with 10 years remaining on the lease, and FCOS Ltd is overhead, paying €44k a year, on a five-year lease from Oct 2010.

According to Declan Hickey of Downing Commercial, “both tenants represent low trade risk and are strong covenant tenants.”

Also for sale with Downing Commercial is a smaller unit in Building 6500. Unit A1 has 2,780 sq ft at first floor level, is let to Ceva Ireland Ltd on a four-year, 11-month lease from Oct 2011, at a rent of €27,800 pa. Price quoted is €275,000.

Details: CBRE, 01-618500; Downing Commercial, 021-4271000