A highly reversionary office investment opportunity located within Ballybrit Business Park, a well-established commercial park on the outskirts of Galway city, has come to market with agent TWM. The investment comprises two office buildings, extending to some 1,847 square metres gross internal area in total on a 0.8-acre site.
Ballybrit Business Park has a mix of office, retail, industrial and logistical uses. It is situated close to the N6/M6 Dublin Galway motorway and its associated road networks, a highly accessible area with a strong mix of national, multinational and local operators including Boston Scientific, Hewlett Packard, SGS Ireland trading as NDLS, TE Connectivity and Schneider Electric IT Logistics.
BT Communications Ireland Ltd occupies part of the first floor of Unit 2, paying an annual rent of €45,900, while the remainder of the buildings are vacant. BT Communications Ireland provides managed, networked communications and IT services across 180 countries. The company, which employs about 600 people in five cities nationwide, recently refurbished its offices, underpinning its commitment to the location and the subject property.
The buildings extend to about 1,207 square metres GIA for Unit 2, and some 640 square metres GIA for Unit 2A. They are laid out over two and three floors respectively.
Both buildings are predominantly open-plan office space, with adequate canteen/kitchenette and toilet facilities for staff. Ample parking is available on-site with 55 delineated car parking spaces.
Sarah Winters at TWM is seeking in excess of €1.475 million, which reflects a net initial yield of 2.83 per cent increasing to in excess of 10.0 per cent once fully let (assuming standard purchaser’s costs of 9.96 per cent).
Winters said that with an overall capital value of about €798 per square metre, the price is significantly below reinstatement costs which, together with the asset management potential, presents an attractive opportunity to prospective purchasers.