Cork offices sell for €8m

A private, low-key Irish investment company has seen off strong local, national and international bidding interest to acquire two Cork office investments, one let to Apple, the other to Trend Micro, in a deal worth close to €8 million.

The swoop sees the buyers getting a likely return of just over 9%, a return unlikely to be achieved any more in a Dublin market, and which appears to have driven the high level of interst in the offer via Lisney. Also notable was the speed of the transaction: the two properties, bought as one lot, only went to market in May of this year, and have already been secured.

Transacted were two ‘prime’ office investments with long-term, secure income and covenants, buildings Unit 8 and Unit 14, at the long established Cork Business & Technology Park, in suburban Cork’s Model Farm Road. Current overall passing rent is €808,000 pa, and this is set to rise to €861,000 pa over the next four years, with a WAULT of 3.92 years.