Agent Colliers is guiding a price of €6 million for Block 3 at Woodford Business Park on the Swords Road near Dublin Airport. The investment comes for sale fully let to a tenant line-up consisting of Concentrix, the OPW (Office of Public Works) and J2 Global, and is generating an overall rental income of €960,927 a year. Should a sale proceed at the guide price, the buyer would be in line for net initial yield of approximately 14.5 per cent and a capital value of €128 per sq ft, which is significantly below replacement cost according to the selling agent.
The subject property is located in a corner position within Woodford Business Park, fronting the Swords Road and a short drive to Dublin Airport. The site offers the occupier immediate access to the M1 and M50 motorways. The investment briefly comprises three two-storey, terraced office blocks, and extends to a total gross internal area of 4,353sq m (46,856 sq ft) with 165 car-parking spaces.
[ Dublin Airport viewing area cleared for take-offOpens in new window ]
Niall Delmar of Colliers says: “The investment offers strong asset management upside and future redevelopment potential. The combination of a high yield and low capital value presents a significant opportunity in the current market. With opportunistic buyers playing an increasingly prominent role in today’s market, we anticipate this high-yielding asset will attract keen interest. It’s a compelling value proposition for investors.”
