Buildings in Limerick’s National Technology Park up for sale for €25m

Plassey Portfolio producing a rent roll of €1,844,240

Anne Sheridan

Reporter:

Anne Sheridan

Buildings in Limerick’s National Technology Park up for sale for €25m

Three buildings in Limerick’s National Technology Park are up for sale for €25m

THREE office buildings in Limerick’s National Technology Park are up for sale for €25m through Power & Associates.

The Plassey Portfolio was developed along with other office buildings in the park close to the University of Limerick by businessmen Joe Seely and Jim Cranwell of the Brookvale Group.

The buildings dating from 1998, 2006 and 2015 have a net floor area of 12,395sq m (133,432sq ft) and are producing a rent roll of €1,844,240.

They have an occupancy rate of 92 per cent and a strong line up of tenants including Northern Trust, Cook Medical, Enet, QAD, Gilt Group and Icon.

The largest block, Hamilton House, has a floor area of 4,830sq m (52,000sq ft) and is let to Cook Medical with 6.32 years to run on the lease.

The third building, Hamilton House Block 2, extends to 3,739sq m (40,254sq ft) and is rented by Northern Trust and Xperi with an average of 11.28 years to lease expiry. There is scope to increase the rental income in the short term by completing a number of rent reviews and letting 929sq m (10,000sq ft) of vacant space in Clive House, a four-storey block with an overall floor area of 3,716sq m (40,000sq ft).