€8m for large factory-office in Galway business park

One of Galway’s largest office-manufacturing buildings at Mervue Business Park on the outskirts of the city is for sale at €8 million.

DTZ is expecting considerable interest in the former Nortel plant which extends to 16,074sq m (173,019sq ft) in a long established business park close to the city’s arterial routes.

The selling agents are seeking offers for either the entire portfolio or in two separate lots.

One of the lots covers units 20-24 – extending to 8,394sq m (90,352sq ft) – which is vacant and in need of refurbishment.

Units 25-29 with 7,680sq m (82,657sq ft) of offices are let to Avaya on a 20-year lease from September 2006, at a passing rent of €895,200.

Sean Coyne of selling agent DTZ Sherry FitzGerald said that the mix of strong rental income from an excellent tenant as well as the part vacancy from the remainder of the buildings would allow the purchaser the opportunity "for significant reversionary uplift and future asset management".