Dundalk office investment goes sale agreed

Building 1 at the at the Finnabair Business and Technology Park

One of Dundalk’s prime office investments is close to being sold after going sale agreed recently with local auctioneers REA Gunne Property.

Building 1 at Finnabair Business and Technology Park on the Inner Relief Road went on the market at the end of last year for an undisclosed sum.

Extending to approximately 31,120sq ft and with 77 car spaces, the building is currently let to the Sustainable Energy Authority of Ireland, Vesta, Teva Pharmaceuticals and Seachange, producing a rental income of €360,753 per annum.

According to the estate agents, it is a high yielding investment opportunity, reflecting a net initial yield of 12.56%.

None of the tenants would be affected by the potential sale.

Investor buys three Dundalk offices for €5.5m

One of the offices at Finnabair Business Park on the Inner Relief Road

A private investor has bought three office investments at Finnabair Business Park on the Inner Relief Road in Dundalk in an off-market deal for about €5.5 million.

The buildings have an overall floor area of 8,500sq m (91,492sq ft) of which about 65 per cent is occupied, showing a yield of 11.8 per cent. Tenants include Teva Pharmaceuticals, Vesta, the OPW and Prometric. The income is €680,000.

JLL and REA Gunne Property in Clanbrassil Street were joint selling agents and Declan Bagnall of Bagnall Doyle MacMahon acted for the buyer.