DescriptionThe office buiding is situated amidst a 79 acre business park located on Model Farm Road in Cork. The property is laid out over two floors with the ground floor extending to a NIA of approx. 7,280 sq ft, which is currently occupied.
The vacant first floor has a very similar floor plate and extends to a NIA of approx. 7,262 sq ft. This floor can be independently accessed and is in very good condition, ready to be occupied immediatley.
The property is located in the Cork Business and Technology Park on Modfel Farm Road approx. 5km west of Cork City Centre. Neighbouring occupiers within the park include Boston Scientific, Stryker, Alcon, Abtran and Pilz Ireland.
Technological University of Cork and Rubicon Centre are within approx. 15 minutes walking distance and the area enjoys excellent public transport links to the city centre.
Cork International Airport is approx. 8km to the south.
The property is situated in a location zoned C3 - Office, business/technology park and related, 'to provide for high technology related office based industry and general offices over 400 sqm.' as defined within the Cork City Development Plan 2015-2021.
The ground floor is let to S3 ASIC Semiconductors Ltd on a 10 year lease from December 2020 at a contracted rent of €116,480 p.a. excl. The lease provides a tenant break option at the start of the 6th year.
S3 ASIC Semiconductors Ltd operate as a subsidiary of Dialog Semiconductor who are a leading provider of innovative application-specific semiconductors and have been in Cork for the past 20 years.
Dialog Semiconductor has 2,300 employees across 37 locations and $1.57 B in annual revenue in FY 2019 and provide an excellent covenant.
FeaturesOffice investment opportunity in Cork Business & Technology Park
Stand alone, two storey office block extending to approx. 16,070 sq ft (GIA)
Ground floor occupied with first floor vacant
New 10 year lease from Dec. 2020 for the ground floor with 5 years term certain
Let to S3 ASIC Semiconductors Ltd with excellent international covenant strength
Current income of €116,480 p.a.
NIY of 5.6% with potential for reversionary yield of 11.1%
Includes 55 surface car parking spaces
The office accommodation is in very good condition with suspended ceilings and raised floors