Agent TWM is seeking €5.5 million for a modern office building let to wealth management company Generali International Ltd at Navan IDA Business Park. The investment will show an attractive initial yield of 8.5 per cent increasing to 9.32 per cent in 2021.
The investment is expected to be of particular interest to private investors and property funds seeking a high-yielding provincial asset with a strong covenant.
Generali House is a modern two-storey office building extending to 280sq m (26,059sq ft) with a high-quality third generation fit out. The building stands on a 2.4-acre site with parking for 109 cars.
The block is let on a 20-year full repairing and insuring lease from August 2011 at an annual rent of €505,714, with a fixed increase to €556,260 per annum in 2021. There is a break option in 2026, providing a certain term of 8.3 years.
Ollie Lyons of TWM said the strong covenant, exceptional building, secure term and high yield was likely to generate significant interest in the sale.