Broker Savills has put the new EMEA HQ of US technology company, New Relic on the market for a guide price of over €25.5 mln – reflecting a net initial yield of 5.26%.
The property at 31-36 Golden Lane, which is currently being refurbished internally, is expected to be of interest to investor groups seeking secure long income investments.
New Relic International has agreed a 20-year lease on the entire complex at a rent of €1.455 mln per annum with a break option at the end of year 10 subject to a three month rental penalty. The lease commencement will coincide with the practical completion date of December 2017. The lease will be guaranteed by New Relic Inc., a Nasdaq listed stock exchange company, and will also incorporate five yearly open market rent reviews with a 10% cap and collar provision at the first review.
The building which was originally designed by Scott Tallon Walker Architects, comprises a three storey modern office headquarters with a floor area of 2,877m2.
Kevin McMahon of Savills commented: 'The quality of the New Relic covenant together with 10 years income certainty offers potential investors a secure office investment within a vibrant hub in Dublin’s CBD only minutes’ walk from St. Stephen’s Green.'
