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2050 Orchard Avenue, Citywest Business Campus, Dublin 24, D24 K7D0

Investment Property (4,121 sqm) For Sale by Private Treaty
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Price Offers in Excess of €6,800,000

Features

  • 9 modern, self-contained business units located in a wellestablished suburban business campus
  • 100% occupied with a current passing rent of €555,000 per annum
  • Constructed in 2008 by Davy Hickey Properties, developers of Citywest Business Campus
  • Gross external area of 4,121 sqm (44,358 sqft) with 100 car parking spaces
  • Weighted Average Unexpired Lease Term (WAULT) of approximately 6.1 years (including break penalties)
  • Offers are sought in excess of €6,800,000 which represents a net initial yield of 7.50% after allowing for standard acquisition costs of 8.46%

Location

Citywest is located approximately 13km south-west of Dublin city centre. Citywest Business Campus is a hugely successful and well established office location with over 160 multinational companies choosing to operate from here. Notable occupiers within the campus include Pfizer, Adobe, Unilever, SAP, Fidelity and Glanbia.

2050 Orchard Avenue is located centrally within the campus less than 1km from the N7 (Naas Road) and approximately 6kms from the M50 providing easy access to all major roadways, the city centre, Dublin Airport and Dublin Port. Citywest is also well served by public transport. The LUAS Red Line Citywest Campus stop is only a short walk from the property. A complimentary shuttle bus service runs from the LUAS Stop around the campus during peak hours. Dublin Bus routes 65, 65b, 69, 69X and 77a serve the campus.


Citywest Shopping Centre is approximately 10 minutes’ walk from the property and is occupied by Dunnes Stores, KFC, Costa Coffee, McDonalds, McCabes Pharmacy, a Post Office and Eddie Rockets amongst others. There is also a wide range of amenities within the campus including convenience stores, cafes, restaurants, petrol stations and ATMs.
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Full Description

2050 Orchard Avenue comprises two blocks of business units; 9 out of a total of 10 form part of the subject sale.  The units provide a mixture of office and office/warehouse accommodation completed to a high quality specification. There are 100 car spaces serving the property. The campus is renowned for its professionally landscaped common areas which are maintained to a very high standard. There is a 24-hour security presence and extensive CCTV network throughout the campus.

 

Specification

The property was constructed in 2008 and the specification is summarised as follows:

 

Warehouse

  • Steel portal frame
  • 7 metre eaves height
  • Power floated concrete floor
  • Insulated metal deck roof
 

Office

  • 2 storey office accommodation
  • Concrete floor
  • Double glazed aluminium windows
  • Suspended ceiling with recessed lighting
  • Fitted wcs and kitchenette areas
  • Electric storage heating

 

 

 

Viewing Details

By special appointment with the sole letting agent, Lisney.

Accommodation

    Unit Tenant Office (Sqm) Warehouse (Sqm) Total Size (Sqm)
    Unit 1 euNetworks 490   490
    Unit 2 Aeolus 291 181 472
    Unit 3 Fitzers 291 181 472
    Unit 4 Oradeo 291   291
    Unit 6 KCI 490   490
    Unit 7 KCI 291 181 472
    Unit 8 TDS 291 181 472
    Unit 9 TDS 291 181 472
    Unit 10 TDS 490   490
    Total   3,216 905 4,121

    Tenacy Schedule

    Unit Tenant Size (Sqm) Size (Sqft) Car Spaces Rent per Annum Lease Start Date Lease Expiry Lease Break Option Break Notice Break Penalty
    Unit 1 erNetworks Ireland - Private Fiber Ltd 490 5,275 14 €85,000 01/08/17 31/07/32 31/07/27 12 mths 6 mths
    Unit 2 Aeolus International Ltd 472 5,080 10 €40,000 08/01/14 07/01/24 07/01/19  9 mths -
    Unit 3 Fitzers Catering Ltd 472 5,080 10  €55,000 01/05/15 30/04/25  30/04/19  9 mths  6 mths
    Unit 4 Oradeo 291 3,128  8 €40,000 01/10/14 30/06/19  Expired    
    Unit 6 & Part 7 KCI Medical 671 7,225  16 €127,500 30/01/09 29/01/34 04/03/24 1 Year 6 mths
    Part 7 KCI M 291 3,135  8 €47,500  05/03/14 04/03/24 -    
    Unit 8 TDS Limited 472 5,080  10 €60,000 19/09/16 17/08/24 -    
    Unit 9 & 10 TDS Limited 962 10,355 24 €100,000 18/09/14 17/09/24 -    
    Total    4,121 44,358 100 €555,000          

     

     

     

    euNetworks

BER Details

BER: B3-C1

Contact Details

Address: St Stephen's Green House, Earlsfort Terrace, Dublin 2
Telephone: +353-1-638 2700 or you can also email us at dublin@lisney.com

Lisney for themselves and the Vendor/Lessor whose Agents they are give notice that:

1. These particulars do not constitute any part of an offer or contract.

2. All statements contained in these particulars as to this property are made without responsibility on the part of the Agents or the Vendor/Lessor and none of the statements contained in these particulars as to this property are to be relied on as statements or representations of fact.

3. The particulars, various plans, photographs, dimensions, references to condition and permissions for use and occupation  are given in good faith and are believed to be correct but their accuracy is not guaranteed and any intending Purchasers or Tenants shall satisfy themselves by inspection or otherwise as to correctness of each of them. No omission, accidental error or misdescription shall be ground for a claim for compensation or for the rescission of the contract by either the Vendor/Lessor or the Purchaser/Tenant.

  4. Neither the Vendor/Lessor nor Lisney nor any person in their employment has any authority to make or give any representation or warranty whatever in relation to the property. 5. Prices are quoted exclusive of VAT (unless otherwise stated) and all negotiations are conducted on the basis that the Purchaser/Tenant shall be liable for any VAT arising on the transaction. PSRA No. 001848.

Please note we have not tested any apparatus, fixtures, fittings, or services. Interested parties must undertake their own investigation into the working order of these items. All measurements are approximate and photographs provided for guidance only.