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Block 17, Park West, Business Campus

Dublin 12

Sold €3,500,000
Property Highlights
  • Modern suburban single-let office investment
  • Extending to approximately 27,352 sq. ft
  • 36 surface car parking spaces
  • Let to Petrogas Group Limited t/a Applegreen
  • Total passing rent of €352,540 per annum
  • Guide price in excess of €3,500,000 ex VAT
  • NIY of 9.16 % and an attractive capital value of €128 per sq.ft., significantly below replacement cost.
  • Tenant Not Affected
Property Location

Block 17 is situated in Park West, Ireland’s largest business and technology campus and one of Dublin’s most popular office locations outside of the city centre. Park West benefits from excellent road and rail connections, situated approx. 3.5 km from Junction 9 on the M50, a 4-minute walk from Park West train station and with a travel time of approx. 25 minutes to the City Centre via Express Bus. The business park is home to numerous indigenous and multinational occupiers including Apcoa, Thomas Cook, Travelodge, Fulfil Nutrition, Workhuman, Allianz Worldwide, Openet and Banctec. There are excellent on-site amenities including Spar, Chopped, Park West Pharmacy, Energie Fitness Club, Giraffe Childcare and the Aspect Hotel.

Property Description

Block 17 comprises a modern three-storey office building centrally located within Park West Business Campus. The building extends to approx. 2,541 sq.m. (27,352 sq.ft.) GIA. The property provides a mixture of open plan and cellular office space together with kitchen and tea station facilities.The building has an impressive 10m high atrium lobby. The specification includes raised access floors, suspended ceilings, air-conditioning and an 8-person passenger lift. Each floor has the benefit of WC’s and separate power supplies.

Lease Terms

The entire property is let to Petrogas Group Limited t/a Applegreen on the basis of a 20 year and 1 month lease from 1st August 2007 at an annual rent of €352,540, with a break option on 1st January 2024 subject to 6 month’s prior written notice and a 6 month rent and service charge penalty. Petrogas Group Limited has a Vision-Net credit score of 62/100, which identifies the business as a ‘Fair Trade Risk’.

Lease Start Date Expiry Date Break Option Contracted Rent Rent Per Sq.  ft
01/08/2007 01/08/2027 01/01/2024 €352,540 €12.89
Floor GIA (Sq. m) GIA (Sq. ft)
Ground 879.88 9,471.03
First 830.58 8,940.36
Second 830.58 8,940.36
Total 2,541.04 27,351.75

A measurement survey is available upon request.

All parties are advised to accuracy themselves as to accuracy of all measurements.

Property Size/Area
2541 sq. m (27,352 sq. ft)
Property Status
Sold
BER Details
Ber Number - 800442741.
Ber Energy Performance Indicator - 476.35kWh/m²/yr1.54.
Property Location
Documents
QRE Contact
Bryan Garry
Bryan Garry
MRICS MSCSI  

Director Investment

Bryan has over 13 years of experience in the Irish commercial property market. As Director of the In... View More

083 3918649

(01) 637 5544

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