Property advisor CBRE is offering a prime investment opportunity to the market for sale by private treaty.
No 6 Ard Oran, Oranmore Business Park, Galway, is tenanted by Cisco and comprises a beautifully designed modern office building extending to an area of approximately 4,859sq m (52,301sq ft ). The development includes a basement carpark comprising 99 car parking spaces; in addition there are 42 surface car spaces as part of the sale. The building is superbly situated in Oranmore Business Park on the junction of the R466 and M18 and offers direct access to the Galway and national road network. The scheme is producing an annual rental income of €773,850.
The tenant company Cisco is headquartered in San Jose, California and comprises a multinational corporation that designs and sells communications technology and services. As of 2016 Cisco has more than 71,000 employees worldwide and an annual revenue of US$49.0 billion.
The tenant is in occupation on a 25 year lease from November 2007; the lease incorporates five yearly upward only rent reviews and has a term certain in excess of 5.70 years with the next break option not until November 2022.
Galway has attracted a strong volume of Foreign Direct Investment in recent years with new entrances in the market including IP Switch, MetLife, The Mathworks, and SiteMinder. This increased FDI is driving strong occupier demand in Galway, which coupled with a shortage of office accommodation is causing office rental levels in the city to grow.
The agents are seeking offers in excess of €8.5 million which equates to a NIY of 8.72 per cent or €163 per square foot.
Kyle Rothwell of CBRE commented: “This is a prime opportunity to acquire a high profile asset in Galway, the strong tenant covenant, beautifully designed building, and suburb connectivity is likely to appeal to a variety of investor classes.”
For more information contact Kyle Rothwell at 01 6185502 or Sandra Walsh at 01 6185578.