For Sale / Sold

3016-3018 Lake Drive, Citywest Business Campus, Dublin 24,

D24TY81

22,965 SQ.FT

€6,200,000

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Investment Property

Property Overview

Features
Location

3016-3018 Lake Drive comprises a 2-storey office building extending to 22,965 sq ft, together with 74 car spaces. The building has a brick façade and pitched roof. The building offers a mix of cellular offices, large boardrooms, meeting rooms and open plan office layout. The building benefits from a bright reception upon entry and an 8-person lift.

Commercial Energy Ratings have carried out a BER improvement report. The report demonstrates that the BER ratings can be brought from a B1/B3 to an A3.

Offers are sought in excess of €6,200,000 which represents a NIY of 8.04% (after purchasers costs at 9.96%) and a capital value of €270 psf with short-term reversionary potential.

Office investment with long-term income
Entire building extends to approx. 2,134 sqm (22,965 sqft) with 74 surface car parking spaces
100% occupied with excellent covenants including Pure Telecom, Schneider & Aspen Pharma
Centrally located in the highly sought after Citywest Business Campus.
Passing rent of €547,844 per annum with short-term reversionary potential (June 24 RR)
WAULT of 5.85 years to break and 10.55 years to expiry.

Citywest Business Campus is an established suburban business campus with a proven track record of attracting international occupiers such as Pfizer, Adobe, SAP, Fidelity, & Nestle. Citywest is located approximately 15 km southwest of Dublin city centre.

3016-3018 Lake Drive is centrally located within the Business Park and offers easy access onto the Naas Road (N7) which leads onto the M50 which links to all major roadways both north and south of the city. Dublin Airport is located approximately 28 km northeast from Citywest.

Citywest is served by the Red Line LUAS, providing connectivity direct to the city centre. There are also numerous Dublin Bus routes servicing the locality, providing connectivity throughout the greater Dublin region.

BER: B1-B3

ACCOMODATION

Accommodation	Tenant	Size (sq.ft)	Car Spaces	Start Date	Break Options	Rent review	Expiry	Passing rent
Entire 3016	Aspen	10,512	42	28/04/2017	31/08/2030	01/01/2029	31/08/2037	€264,864
Ground Floor 3018	Pure Telecom	6,230	10	11/06/2019	n/a	11/06/2024	10/06/2029	€119,140
1st floor 3018	Schneider	6,223	22	02/01/2024	01/01/2029	02/01/2029	01/01/2034	€163,840
Total		22,965	74					€547,844