Investment opportunity in the heart of the Midlands

CBRE and Gunne Navan have announced that they are launching Block A Marlinstown Office Park to the market for sale by private treaty. The joint agents, CBRE and Gunne Navan are quoting in the region of €1.5 million for the premises which will give an investor a net initial yield of 15.8 per cent. Block A is a modern three storey office building extending to approximately 2,924 sq m (31,481 sq ft ). The property has the benefit of regular floor plates with the flexibility of providing a mix of open plan and cellular office accommodation. To the front of the building are 129 designated car spaces which are included in the sale. Marlinstown Office Park is located off Junction 15 of the N4 on the eastern side of Mullingar Town. The property is 75 per cent let and is currently generating €247,484 per annum. One of the main tenants is the Westmeath Vocational Education Committee which are in occupation on a 21 year lease from January 2005 with a break option at the end of the 12th year. They are currently paying €108,700 per annum. Emma Courtney of CBRE stated, “The sale of Block A Marlinstown Office Park would give an investor the opportunity to acquire a prominent building in the administrative town of County Westmeath. There is the potential to increase the rental income through active management of the scheme to fill the vacant space.”