Office investment at Blackrock Business Park in Cork for €11.2m

Lisney is seeking €11.2 million for a substantial office investment at Blackrock Business Park in Cork’s southern suburb of Mahon, along with land to accommodate two further office blocks with planning permission.

The single-storey detached building extends to 9,066sq m (97,572sq ft) and stands on a site of 10.5 acres. It is laid out in three divisions, and is producing a rental income of €857,510 per annum with a weighted average unexpired lease term of over 6.8 years.

Abtran Business to Business occupy 6,112sq m (65,800sq ft) on a lease with over 13 years to run. A second tenant, RCI Call Centre (Ireland), is renting 1,904sq m (20,500sq ft) on a lease which has another 10 years to expiry.

There is one vacant office block extending to 1,040sq m (11,200sq ft) which will bring in around €1 million per annum when let. Lisney calculates that the €11.2 million guide price will show a net initial yield of 7 per cent, rising to 8.7 per cent when a tenant is secured for the vacant office building.

The park also has planning permission for two additional office building, one of them planned for the eastern side of the existing building with a capacity of 9,383sq m (101,000sq ft).

Blackrock Business Park is centrally located about 4km south of Cork city centre with convenient access to the South Ring Road network and the Jack Lynch Tunnel.