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For SaleOffice Investment Opportunity with further Development Potential (Tenants Not Affected)
BlackrockBusiness Park Bessboro Road, Blackrock, Cork
Investment SummaryThe property is being offered for sale by Private Treaty
Detached single storey office building in three main divisions on an overall site of approx.
4.25 HA (10.5 ACRES).
Asset Management Opportunity
with one vacant unit. Estimated Rental Value upon
full occupancy is €1,050,000 p.a.
Development opportunity with full planning permission for a 4 storey office building of approx.
9,436 sqm (101,568 SQFT).
Current passing rent of
€857,519 per annum with
weighted average unexpired lease term
(WAULT) of over 6.8 years.
Excellent car parking on site ratio
Approx. Gross Internal Floor Area
9,066 sqm (97,572 SQFT)
Location The property is situated in the Mahon/Blackrock area of Cork approximately 4km south of the city centre located off of the southern side of Skehard Road. The property is situated at the entrance to a cul-de-sac estate road which comprises various office and mixed commercial users.
It is an established commercial location with convenient access to the South Ring Road network, close to Mahon Point Shopping Centre, Mahon Point Retail Park and City Gate office developments which are immediately to the east. Major occupiers in the immediate vicinity include Jacobs Engineering, CSO Office, Voxpro, VCE, Dell EMC, Ronan Daly Jermyn and Intel Security as well as the Mater Private Hospital.
Cork city is the second largest city in the Republic of Ireland and the city and environs has a population in the region of 220,000 people according to the 2011 census. Many leading corporate occupiers are located in the Cork region including Apple, Amazon, IBM, Pfizer, Glaxosmithkline, McAfee, Lilly, VM Ware, Marriott Group, Avery Dennison, Tyco, Clear Stream, Boston Scientific, Stryker and Gilead.
The property comprises a purpose built single storey office building in three main divisions contained in a detached single storey building on an overall site of approximately 4.25 hectares (10.5 acres). The office units are laid out in a mixture of open plan spaces, individual offices, meeting rooms and boardrooms and staff facilities.
The site is extensively landscaped and currently provides an excellent ratio of tarmacadam surface car spaces predominantly on the eastern and northern part of the site. There are two entrances to the property from the eastern side of Bessboro Road and a tarmacadamed surface roadway surrounding the office buildings.
BLACKROCK ROAD
CENTRE PARK ROAD
BLACKROCKCASTLE
LOWER GLANMIRE ROAD
CORKHARBOUR
JACK LYNCHTUNNEL
WELL ROAD
DOUGLAS ROAD
SOUTH DOUGLAS ROADSOUTH LINK ROAD
SOUTH RING ROAD
MAHON POINTSHOPPING CENTRE
DOUGLAS COURTSHOPPING CENTRE
DOUGLASSHOPPING CENTRE
THE MARINA
SKEHARD ROAD
N8N8
N25
N27
CORK CITY CENTRE
DOUGLAS VILLAGE ROCHESTOWN
RIVER LEE
BlackrockBusiness Park
Dublin
Belfast
Galway
Cork
Waterford
Limerick
BlackrockBusiness Park
M4
M7
M8
N20
M11
M6
M18
Description
• Concreteconstruction
• Doubleglazedwindows
• Suspended grid ceilings and tile ceilingsystems
• MixoffluorescentandLEDlighting
• AccessControlSystems
• CCTV&IntruderAlarmSystems
• Raisedaccessflooring
• Airconditioningsystems
• VacantspacefinishedtoShellandCore
• Occupationalmarketsforofficeaccommodationhaveimprovedinrecenttimeswithtransactionallevels running at or above long term averages and rental growth having come back to the market strongly.
• TakeuprecordedacrossallofCorkin2013was228,000sqft,in2014was305,000sqftandin2015 the figure was 220,000 sqft. This demonstrates a surge in occupier demand and increased activity.
• Thesouthsuburbsconsistentlyaccountsforasignificantproportion(uptoaquarter)ofoveralltake up in the Cork office market on an annual basis.
• There is little construction takingplacewithin the south suburbs andas a consequence, nomajor immediate supply. This coupled with the lack of new accommodation in the city centre is causing an upward pressure on rental levels.
Source: Lisney Research
Summary Specifications
The Office Market
Accommodation/Tenancy ScheduleUnit No.
Tenant Sqm Sqt Rent p.a Lease Commencement Date Expiry Date Tenant BreakNext Rent
Review
1 Abtran 6,117 65,839 €559,631 01/09/2014 31/08/2029 01/09/2024 01/09/2019
2RCI Call Centre (Ireland) Ltd Guarantor: Wyndham Holdings
1,909 20,544 €297,888 26/07/2016 25/07/2026 26/07/2021 26/07/2021
3 Available 1,040 11,189
Total 9,066 97,572 €857,519Weighted Average Unexpired
Lease Term 6.85 years
RCI Call Centre Ireland Ltd
RCI has over 6,300 affiliated resorts in over 100 countries around the world. Its membership base is approximately 3.8 million members worldwide. The company has a vision-net credit score of 100 (low trade risk).
Abtran
Established in 1997, Abtran is Ireland’s leading provider of Customer and Business Process Management Services.
Indicative site plan for information purposes only
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 nor 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.
Title We understand the property is held on freehold title.
Data RoomFurther information on the property is available in the data room
www.blackrockbusinesspark.com
SolicitorPJ O Driscoll & Sons Solicitors, 73 South Mall, Cork
Joan Kiely
+353 (021) 2300800
PriceOffers are sought in excess of €11,200,000.
BER RatingFull Building Energy Rating Certificates and Advisory Reports are available.
C2 : D1
Viewings Strictly by appointment through Lisney, sole selling agents
Margaret Kelleher 021 422 6904 [email protected]
David McCarthy 021 422 6922 [email protected]
Lisney PSRA No: 001848
Development PotentialFull planning permission for further development of 2 office buildings of 100,000 sqft each. Please refer to data room for full planning permission details.
CGI of proposed office building
CGI of proposed office building
