Entire office block for sale for €2.5m at Cork's East Gate where vacancy is a super-low 1%

Capita not renewing lease so buyer gets possession of 18,000 sq ft office block in fully occupied business park

Unit 2 EastGate is likely to be vacated by tenant Capita

An entire office block at the almost fully occupied EastGate Business Park in Cork has come up for sale, with a €2.5m advised minimum value cited for a modern build of over 18,000sq ft gross.

EastGate, Little Island, Co. Cork.

Selling agent of Unit 2 EastGate Road is Declan Hickey of Casey & Kingston, selling for a private investor who bought into the now-fully occupied O’Flynn Group mixed scheme just east of the Lack Lynch Tunnel and where a major office presence is Eli Lilly, with two large buildings.

The Eli Lilly 135,000 sq ft campus in EastGate, Little Island, Cork.

The entirety of Unit 2 which was built in 2005 is let to Capita, on a nine-year lease from April 2015 at €236,250 per annum, or a passing rent of €13 per square foot, with 65 car parking spaces.

Capita also has Cork offices at the Cork Airport Business Park, and is set to vacate this EastGate base.

“The tenant has indicated that they will not renew on the entire premises and would be interested in an early hand-back”, said Mr Hickey and that the vacancy rate at EastGate which is also home to a major retail park is remarkably low.

The retail element of EastGate

“The Cork office market stands at seven million square feet and the current vacancy rate is in the order of 14%”, Mr Hickey says, while calculating that with just of 4,500sq ft of office to let online in East Gate at the minute where there is about 450,000sq ft of office in the park “the vacancy rate here is just about 1%.”

Details: Casey & Kingston 021 427 1127