The Waterside office development in Citywest has been placed on the market by property advisor Savills Ireland with a guide price of excess €71.5 mln, representing a net initial yield of 7.3%.
Owned by IPUT and Davy Real Estate, the investment offers purchasers the opportunity to acquire five Grade A office blocks developed between 2009 and 2016 in Citywest Business Campus, one of Dublin’s prime suburban office locations which is home to numerous international occupiers. The Waterside campus fronts directly onto the N7 dual carriageway and extend to approximately 20,372 m2 (219,281 sq ft) across five blocks and include 973 car parking spaces at basement and surface level.
The overall portfolio is currently 92% occupied and let to tenants with strong commercial covenants across a number of different business sectors, including SAP, Fidelity, Glanbia and Astellas Pharma. The five blocks are currently producing a rent roll of €5.75 mln per annum, with 82% of this annual income coming from Grade A tenants SAP and Fidelity. Waterside also benefits from a weighted average unexpired lease term to break of four years and a WAULT to expiry of 10 years.
Waterside comes to the market with the added benefit of secure planning permission in place for an additional 16,732 m2 (180,100 sq ft) of Grade A office accommodation on a site area of 3.74 hectares (9.24 acres). Blocks 6, 7 & 8 Waterside will complete the 37,161 m2 Waterside campus development across eight HQ buildings.
Commenting on the proposed sale, Fergus O’Farrell, director of Investment at Savills said: 'Waterside presents investors with the opportunity to acquire high quality, income producing assets with excellent asset management potential while benefitting from a strong tenant line up. Waterside is superbly located within one of Dublin’s prime suburban locations and we expect to generate significant interest in this sale.'
