Having paid about €6 million to secure ownership of Block C at Maynooth Business Campus in Kildare in 2019, Irish-owned real estate company Fine Grain has instructed agent Avison Young to find a buyer for the property at a guide price of €15 million.
Since acquiring the building seven years ago, Fine Grain has undertaken a comprehensive asset management programme. At the time of its purchase, about 3,716sq m (40,000sq ft) of the building’s 6,274sq m (67,532sq ft) of office space was let to global financial services firm, Link Asset Services, while the remaining space was in shell-and-core condition.
Now known as the Campus Atrium, the property, which was built originally by Ray Grehan’s Glenkerrin Homes in the early 2000s, has been finished and upgraded to a high standard, and has a B2 Ber rating. The accommodation, which is distributed across three floors, and complemented by 290 surface car-parking spaces, is now fully let and generating annual rental income of €1,423,114 from three tenants.
Dublin-listed housebuilder Glenveagh Properties is now the anchor tenant for the majority of the property while the remainder of the space is let to ASML, a supplier of semiconductor manufacturing equipment, and BCM Global, a European-wide loan-service provider. Should a sale proceed at the €15 million guide price, the incoming owner would be in line for a net initial yield of 8.63 per cent, assuming standard purchaser’s costs of 9.96 per cent.
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Maynooth Business Campus is located on the south side of Maynooth and sits adjacent to the M4 motorway. The scheme is positioned in close proximity to Maynooth University, Intel’s advanced manufacturing facility, and the Kildare Innovation Campus (formerly HP).
The immediate area continues to benefit from significant levels of foreign direct investment, which includes Intel’s recent €5 billion campus investment. Other occupiers in Maynooth Business Campus include Applied Materials, Tokyo Electron, AQMetrics, FANUC and An Post.
Commenting on the sale of Block C, Artem Makarevitch of Avison Young says: “This is a high-quality office building backed by a diverse mix of institutional-grade covenants, in a strategic location where there is pent-up demand. We expect to see strong interest from both domestic and international investors.”
