The Waterside office development in Citywest has been placed on the market by property advisor Savills Ireland with a guide price of excess €71.5m, representing a net initial yield of 7.3% (after standard purchasers’ costs) and a price per ft² of €327.
This investment offers purchasers the opportunity to acquire five high quality, Grade A office blocks developed between 2009 and 2016 in Citywest Business Campus, one of Dublin’s prime suburban office locations which is home to numerous international occupiers. The Waterside campus occupies a highly advantageous position, fronting directly onto the N7 dual carriageway. The campus benefits from excellent transport connectivity by virtue of the N7 whilst also benefitting from ready access to the Luas Red Line and a number of Dublin Bus routes. The immediate area has been subject to large-scale residential development in recent years, which has added to the population of the area as well as its services and amenities.
Combined, the assets extend to approximately 20,372m² across five blocks and include 973 car parking spaces at basement and surface level. The overall portfolio is currently 92% occupied and let to tenants with strong commercial covenants across a number of different business sectors, including SAP, Fidelity, Glanbia and Astellas Pharma. The five blocks are currently producing a rent roll of circa €5.75m per annum, with 82% of this annual income coming from Grade A tenants SAP and Fidelity. Waterside also benefits from a WAULT to break of approx. four years and a WAULT to expiry of approximately 10 years.
Waterside comes to the market with the added benefit of secure planning permission in place for an additional approx. 16,732m² of Grade A office accommodation on a site area of 3.74 hectares (9.24 acres). Blocks 6, 7 & 8 Waterside will complete the approx. 37,161m². Typical floor plates will range from 1,649m² to 1,830m² GIA. Each building can provide circa 5,574m² to a single occupier.
Commenting on the proposed sale, Fergus O’Farrell, Director of Investment at Savills said: “Waterside presents investors with the opportunity to acquire high quality, income producing assets with excellent asset management potential while benefitting from a strong tenant line up. Waterside is superbly located within one of Dublin’s prime suburban locations and we expect to generate significant interest in this sale.”
