Galway Office Investment on Market for €8.5m with Cisco as Long-Term Tenant
An office investment in Oranmore, near Galway city, has been put up for sale with an €8.5m guide price.
The property, Unit 6 Ard Oran, currently produces a passing rent of €890,000 per annum and will rise to €965,000 from November 2027 under a fixed rental increase agreement.
The net initial yield is 9.52%, increasing to 10.32% in 2027, assuming standard purchaser costs of 9.96%. The guide price equates to an underlying capital value of approximately €162 per square foot.
Located on a high-profile site, the modern office building extends to 4,867.5 sq m over four storeys and has been occupied in its entirety by Cisco Systems Internetworking Ireland Ltd since 2007 under a 25-year lease.
Cisco is a global leader in networking, security, collaboration, data centre technologies, and the internet of things, employing over 86,000 people worldwide and generating annual revenues exceeding $60bn.