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.

Dundalk building on the market for €2.75m

Building One, Finnabair Business and Technology Park, is on the market for €2.75m

An investment property in Dundalk with a €2.75m price tag could generate a yield of 12.56% for an investor.

Building One, Finnabair Business and Technology Park, is 85% let and generating a rent of €360,753 a year from a number of Irish and international tenants.

About 15% of the floor area, consisting of around 440sqm (4,700 sq ft) on part of the first floor is available to let and the agents Jones Lang LaSalle and REA Gunne are quoting around €15 per sq ft for this space.

The three-storey building has a total floor area of 31,120 sq ft and there is parking for 77 cars.

Existing tenants in the building include Sustainable Energy Authority of Ireland, Seachange, Vesta and Teva Pharmaceutical. Other occupiers in the park include Boylesports, Irish Life, Prometric, Digi Web and Horseware. Satir, the first Chinese company attracted by IDA Ireland, is also located in the park.

Building One is being sold on behalf of Paul McCann of Grant Thornton, receiver to certain assets of two private investors.

The 90-acre Finnabair Business Park, is adjacent to Dundalk Institute of Technology (DkIT) and it is close to the M1 motorway.

Source: Irish Independent