A net initial yield of around 7 per cent is in prospect for the purchaser of Block 9 at Blackrock Business Park in south Dublin, which has been brought to the market at a guide price of €1.5 million.
The subject property is being offered for sale following its recent letting to Medacs Global Group Limited on a new 10-year full repairing and insuring (FRI) lease. The initial rent is € 113,082 per annum (€ 23.20 per sq ft) to include 12 car spaces.
Block 9 will be the new Irish headquarters for Medacs Global Group in Ireland. The company has been filling locum consultant positions in its capacity as a dedicated recruitment provider to the HSE since 2006. Medacs Global Group has operations across the UK, Ireland, Australia, New Zealand and the Middle East.
Block 9 is a self-contained modern office building extending to 4,098sq ft with 12 dedicated car parking spaces. The property’s specification includes raised access floors, suspended ceilings and air conditioning. It is located in the well-established Blackrock Business Park and close to Blackrock village with major investment projects ongoing including the new headquarter office for Zurich, the Frascati shopping centre extension and the refurbishment and rebranding of Blackrock Shopping Centre as Blackrock Village Centre.
Paul Scannell of selling agent HWBC says: “We expect Block 9 to appeal to a wide range of investors looking for solid returns with growth potential in an era of near -zero interest rates’’.
