IPUT and Davy Real Estate have put the 219,281 sq ft Waterside office development in Dublin’s Citywest Business Campus up for sale for €71.5m (£61.4m) – a 7.3% yield.
The scheme comprises five buildings, developed between 2009 and 2016, which are 92% let to tenants including SAP, Fidelity, Glanbia and Astellas Pharma. The five properties currently produce an annual rent of €5.75m and have a WAULT to expiry of 10 years and to break of four years.
Waterside also comes with planning permission for a further 180,100 sq ft of office space, which will take the whole development to a campus of eight buildings comprising 400,000 sq ft of commercial space.
