€1.5m for Mullingar office block

CBRE and Gunne Navan expect to secure about €1.5 million for an income-producing office block at Marlinstown Office Park in Mullingar, Co Westmeath.

The modern three-storey building extends to 2,924sq m (31,481sq ft) which is 75 per cent let and currently generating €247,484 a year. The investment, which includes 129 car parking spaces, will show a net initial yield of 15.8 per cent. One of the main tenants, Westmeath Vocational Education Committee, is paying a rent of €108,700 on a 21-year lease from 2005 with a break option at the end of the 12th year.