Modern unit at Little Island should appeal to investors

An office investment yielding €42,500 a year in rent is up for sale for €420,000.

And, with just over 4,100 sq ft of space at first floor level it equates to just over €100 psf, which is under the average €150 psf build cost for equivalent space.

The income-producing investment is 9F, EastGate Avenue in the EastGate Business Park, at Little Island, and is currently let on a five-year lease, to multi-national software company Xilinix Ltd.

Agents selling the self-contained office unit are Anthony Quinlan and John Downing of Downing Commercial.

Currently rented at €10.20psf, “this is a very reasonable rent for office space of this size and quality. Office rents for quality space of this nature have recovered recently,” says John Downing, who reckons there is potential for rental uplift when the lease renewal comes around in 2017.

EastGate has been busy on the investment front, with a number of buildings being sold and with the recent arrival of pharma company Eli Lilly, investing €10m in a 65,000 sq ft block for shared services and back office accounting operations. Lilly paid close to €8.2m for 1 EastGate Road, then fitted it out and No 5 EastGate Avenue also sold in 2014, for €3.2m.

“This unit, 9F, will be attractive to investors and we expect good interest as it is a good quality unit and the lot size is very appealing to people seeking entry-level investments,” added Mr Quinlan.

Details: Downing Commercial 021-4271000.