An interesting investment opportunity at the Cookstown Court Office Development in Tallaght, Dublin 24 comes to the market for sale by Private Treaty this week through selling Agents BNP Paribas Real Estate. Accessed via the old Belgard Road, Blocks A & B Cookstown Court is situated on the southern side of the Cookstown Estate Road in Tallaght. The immediate surrounding area comprises a variety of uses including retail such as Belgard Retail Park/The Square, Tallaght as well as industrial and residential areas. The M50 can be accessed approximately 1.5 km from the property at junction 10, providing a link to Dublin City Centre and north and south suburbs. A significant benefit to the development is the Belgard Luas station located approximately 300 meters from the subject property, allowing for a frequent and convenient transport link to the city centre and neighbouring areas.
Blocks A & B are two 4-storey over double basement semi-detached office buildings extending to gross internal area of 3,585 sq.m. (38,594 sq.ft.) with a very generous allocation of 124 on site car spaces. Constructed in 2005 and designed by HKR Architects, both buildings front onto an attractive landscaped courtyard and form part of the Cookstown Court Office Development. Comprising of 4 modern self contained office buildings the development is finished to a high quality standard and is regarded as one of the leading office developments in South West Dublin. Both buildings provide occupiers with average floor plates sizes ranging from 290 – 590 sq.m (3,121 – 6,350 sq.ft.) and offer flexible bright open plan accommodation. The specification includes raised access floors, suspended ceilings with recessed lighting, VRF air conditioning, kitchenette facilities, ladies/gents toilets & shower facilities. Vehicular access to the double level basement car park level is afforded off the ground floor via a shared vehicle ramp.
Blocks A & B are currently producing a highly reversionary rental income of €396,216 ex VAT across 5 Tenancies with an average passing rent of €115 per sq.m. (€10.70 per sq.ft. incl of parking). The net initial yield of 7.21% can easily be increased through pro-active asset management strategy via lettings of the vacant office suite, lease re-gears and rent reviews. With a WAULT of approximately 4.3 years an alternative strategy would be to see out existing tenancies which may be attractive to owner occupiers/developers.
BNP Paribas Real Estate are guiding a competitive sale price in excess of €5 million or €130 per sq.ft. capital value which is significantly below replacement cost. For further information on this attractive proposition, please contact Fearghal Lynam or Keith O’Neill of BNP Paribas Real Estate at (01) 6611233.
Press Release Contact:
Ms. Ellen Browne, BNP Paribas Real Estate