Modern office block in Galway for €8.5m

A modern office building rented by the multinational Cisco corporation at Oranmore Business Park in Galway goes for sale on Wednesday on the instructions of a receiver.

Property advisers CBRE are seeking in excess of €8.5 million for 6 Ard Oran, a nine-year-old block which will provide a net initial return of 8.72 per cent.

The building extends to 4,613sq m (49,654sq ft) and is producing a rental income of €773,850. A basement car park accommodates 99 cars and there are an additional 42 surface spaces available on the grounds.

Cisco has occupied the building on a 25-year lease from 2007. The lease incorporates five yearly upwards-only rent reviews and with the next break option not due until November 2022, the lease has a certain term of at least 5.7 years to run.

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High-profile asset

The Cisco multinational corporation designs and sells communication and technology services and has its headquarters in San Jose, California. It has 712,000 employees worldwide and annual revenue of $49 billion (€46 billion).

Galway has attracted a strong volume of foreign direct investment in recent years with new entrants including IP Switch, Met Life, the Mathworks and Site Minder.

Kyle Rothwell of CBRE said the planned sale of such a high-profile, well-designed asset in Galway with a strong tenant covenant was likely to appeal to a variety of investor classes.