Citywest office development home to SAP on market for €71.5m

The Waterside office development in Citywest has been placed on the market with a price in excess of €71.5 million.

The building, which is let to tenants including SAP, Fidelity, Glanbia and Astellas Pharma, is 20,372 sq m spread across five floors and includes 973 parking spaces at basement and surface level.

The sale represents a net initial yield of 7.3 per cent (after standard purchasers’ costs) and a price per sq ft of €327.

The development has been placed on the market by property advisor Savills Ireland.

The Grade A office blocks, developed between 2009 and 2016 in Citywest Business Campus, are currently producing a rent roll of about €5.75 million per annum, with 82 per cent of this annual income coming from Grade A tenants SAP and Fidelity.

Waterside also benefits from a WAULT to break of about four years and a WAULT to expiry of about10 years.

Waterside comes to the market with planning permission in place for an additional 16,732 sq m of Grade A office accommodation on a site area of 3.74 hectares.

Blocks 6, 7 & 8 Waterside will complete the 37,161 sq m Waterside campus development across eight HQ buildings.

Typical floor plates will range from 1,649 sq m to 1,830 sq m GIA.

Each building can provide 5,574 sq m to a single occupier or can be combined to provide a total of 180,100 sq ft HQ building across all three buildings.

Fergus O’Farrell, Director of Investment at Savills said: “Waterside presents investors with the opportunity to acquire high quality, income producing assets with excellent asset management potential while benefitting from a strong tenant line up. Waterside is superbly located within one of Dublin’s prime suburban locations and we expect to generate significant interest in this sale.”