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Cork Business & Technology Park, Model Farm Road, Cork

Investment Property (5,675.9 sqm) Sold
of

Sold

Features

  • High yielding office investment opportunity.
  • The property is being offered for sale by Private Treaty in one or two lots.
  • Approx. Gross Internal Floor Area 5,575.9 sq m (61,095 sq ft).
  • Contracted Rent Roll €808,001 per annum
  • Weighted Average Unexpired Lease Term (WAULT) of over 3.92 years term certain.
  • Superb Tenant Covenants: Apple & Trend Micro.
  • Asset management potential.
  • Offers are sought in excess of €7,250,000 which represents €119 psf and a net initial yield of 10.65% after allowing for standard acquisition costs at 4.46%.

Location

Cork Business and Technology Park, is an established approx. 32 hectare (79 acre) park located on Model Farm Road, approximately 2.5 km west of Cork city centre and 5km from Cork International Airport. Neighbouring occupiers within the park include Boston Scientific, Alcon, Abtran and Pilz. The location is close to the Cork Institute of Technology and Rubicon Centre and has excellent public transport links to the city centre. University College Cork is situated approx. 1.5 km to the east.

Full Description

Lot 1

Unit 8 comprises a detached mainly single storey business and technology unit extending to 2,299.8 sqm (24,755 sqft) GIA. The property was recently fitted to the highest standard and is laid out with reception and entrance foyer, open plan offices with separate meeting and conference rooms and staff ‘break out’ and canteen area. 

Lot 2

Unit 14 comprises a detached part two storey part three storey business and technology unit extending to 3,376.1 sqm (36,340 sqft) GIA.

Summary Specifications

  • Concrete construction
  • Double glazed windows
  • Suspended grid ceilings and tile ceiling systems
  • Mix of fluorescent and LED lighting
  • Air conditioning systems
  • High specification telecommunications infrastructure, broadband availability and diversity of telecoms
  • Passenger lift

 

 

Viewing Details

By special appointment with the sole letting agent, Lisney.

Accommodation

    Lot Unit No Tenant Sq M  Rent p.a.

    Lease
    Commencement Date

    Expiry Date Tenant Break Next Rent Review
    1 8 Apple 2,299.8

    €341,964*

    01/07/2015 01/07/2023

    01/07/2019

    01/07/2021

    N/a
    2 14(a) Trend Micro 2,673.8 €372,892 23/01/2006 22/01/2026 22/01/2022 23/01/2022
    2 14(b) Trend Micro 702.3 €93,145 08/10/2012 22/01/2026 07/10/2022 08/10/2022
        Total  5,675.9          

     

    *Unit 8 (Apple)

    Rent Rising to €359,062 on 01/07/2017
    Rent Rising to €377,015 on 01/07/2019
    Rent Rising to €395,866 on 01/07/2021

     

     
    Data Room

    Further detailed information is available in the data room:

    www.corkbusinessandtechnologypark.com

BER Details

BER: B2-C1

Solicitor

James Riordan & Partners, 89/90 South Mall, Cork

Contact Details

Address: 1 South Mall, Cork
Telephone: +353-21-427 5079 or you can also email us at cork@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.