Little Island's EastGate Hall offices for sale for €1.6m
A fully let office investment that has a mix of tenants — in Cork's 1m sq ft mixed-use development EastGate — and promising a return of 8%, is up for sale to investors, likely to have an appeal to a party looking for strong pension income.
Offered with a €1.6 m AMV, via joint agents Cohalan Downing and Cushman & Wakefield, is the office element of EastGate Hall, a detached building near the main retail park in the early 2000s-developed scheme done by O'Flynn Group, on 120 acres just a mile east of the Jack Lynch Tunnel and the Dunkettle interchange by Little Island.
Offered for vendors the O'Flynn Group are EastGate Hall's office units 1B and 4 and 5 in the retail and business park, which has just over 1m sq ft of office and 250,000 sq ft of retail, with this detached building close to the retail occupiers anchored by Harvey Norman (who purchased the retail element/investment in its first Irish foray in 2022, paying a reported €24m): major tenants include The Range, Harvey Norman, EZ Living, and JYSK.
Harvey Norman paid €24 million in 2022 for the EastGate Retail Park at Little Island, Cork. Picture: Eddie O'Hare
The selling agents for EastGate Hall describe it as a mixed-use block with offices, as well as a creche, and café located at ground-floor level, all in separate ownership and not forming part of this investment sale, with income of €142,000 pa and having 32 parking spaces and further communal parking.
A major regional employment hub, EastGate Business Park is off the N25 Waterford Rd, easily accessed from the M8/Dublin Rd and the Cork South Ring Rd network and the business park is considered one of Cork's main hubs, with neighbouring occupiers including Eli Lilly, with 135,000 sq ft, Gilead, Laya Healthcare, ESB International, Pepsi, and PE Global. There's also a convenience store, bank, cafes, adjacent Radisson hotel, and commuter rail link to Little Island.
The office element at EastGate Hall has two access points leading to a recently refurbished reception hall, which is generous in size, with an 800 sq ft ground-floor suite occupied by McAdam Design, paying an annual rent of €15,000 pa on a five-year lease from 2024.
The two first-floor suites are let to Acorn Life group in unit 4, who have 2,725 sq ft on a 10-year lease from 2018, paying a rent of €48,000, and NeoDyne Ltd in unit 5, which is 4,650 sq ft held on a 10-year lease from 2021, at a rent of €79,000 pa, with a break option in August 2026..
CDA's Margaret Kelleher and C&W's Sean Healy say 'all three suites produce a combined rent of €142,000 pa exclusive, with potential for rental growth at rent review/lease renewal' and add that the tenants are responsible for service charge and rates.
At the price of €1.6m, the fully let investment reflects a net initial yield of 8% and at the lot size, and with a good tenant mix, the joint agents say they expect interest from parties for their pension/roperty portfolio.
Meanwhile, for separate vendors, also offered at East Gate on a sale and leaseback is Unit 4C on EastGate Avenue, with 4,800 sq ft occupied by DPS Engineering, with a rent of €86,300 pa via Cushman & Wakefield, on a new ten 10-year lease, with a break option in 2028.
Price guide here is €850,000.
Previous investment sales at EastGate (excluding the retail park at €24m to Harvey Norman) included 3 EastGate Road in Q1 2023, for €4.1m, producing €337,000 pa.
Details: mkelleher@cohalandowning.ie 021 427 7717 sean.healy@cushwake.ie 021 427 5454
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Irish Independent
2 hours ago
- Irish Independent
PwC calls for Capital Gains Tax to be slashed to 20pc in Budget
'In our experience, the 33pc rate is deterring taxpayers from undertaking capital transactions, crystallising gains and reinvesting funds in the Irish economy,' its submission says. 'Not only would a lower rate of CGT increase capital transactions, it would also stimulate and promote the transfer of businesses to the next generation of Irish business leaders. 'It would boost Ireland's attractiveness as an investment location, because entrepreneurs consider future exit strategies when considering where to invest.' Treating the exit of a shareholder from a business as a CGT event, rather than one subject to income tax – which is levied at a higher rate – would achieve this objective, PwC says. It claims many Irish business owners face challenges in securing a smooth exit when they decide to leave. The tax bill inhibits the exit of a shareholder that would allow the incumbent to take over the reins. 'We are seeing instances where fully exiting shareholders are subject to taxation at marginal income tax rates, which can have the unintended consequence of making many bona fide transactions, such as management buy-outs, unviable,' the consultancy's pre-Budget submission says. We have seen Irish businesses opting to sell to external and often non-Irish third parties 'In some cases, we have seen Irish businesses opting to sell to external and often non-Irish third parties (eg private equity funds) to secure a tax-efficient exit, as opposed to passing it on to emerging Irish business leaders, often working within the business being sold.' It points out that both the annual CGT exemption of €1,270, as well as the Capital Acquisitions Tax small gift exemption of €3,000, have not been changed for several decades. As neither has been brought in line with inflation, PwC is proposing both exemptions be increased in the Budget. The company says tax policy could also play a vital role in addressing the housing shortage. 'Soft costs' of construction, such as taxes, can be easier to change quickly than 'hard costs', such as labour and materials, PwC argues. Among the tax measures it suggests is a reduction of the CGT rate when investment properties are sold, if they have been retrofitted. This would increase the attractiveness of retrofitting old property stock, and would also contribute towards Ireland meeting its sustainability targets. PwC says the most pressing issue is to change the Residential Zoned Land Tax (RZLT), which was introduced as a land activation measure. The tax is levied on serviced land which has the potential to provide residential housing, but is not being used for that purpose. Where there is a change in ownership of land before it is fully developed, some RZLT deferrals are clawed back. 'Given the increasing popularity of the forward-fund model, particularly with approved housing bodies and other public sector bodies, one significant improvement would be for such transactions to be exempt from clawback provisions,' PwC says. According to new figures from Revenue, approximately 1,800 RZLT returns have been filed to date, with liabilities of almost €40m paid. This is the first year in which a charge arises. In the days leading up to the filing deadline of May 30, Revenue saw a notable increase in the number of site owners registering for RZLT and filing a return. Surcharges, ranging from 10pc to 30pc of the annual liability, apply to late RZLT returns.
Irish Times
2 hours ago
- Irish Times
How should we go about buying a home in Ireland from abroad?
I'm hoping you can give us some advice on buying a home from outside of the country . I'm American and my wife is Irish, as are our two boys. We are looking to move to be closer to family but don't know where to start the process. Our preference would be to buy before we make the move. How should we go about buying while out of the country? By coincidence, I had just closed a sale for a US buyer moving to Ireland on the day your question arrived. You have a distinct advantage in that your wife is Irish, so she will have an understanding of some of the cultural differences between both countries, and the difference in dynamics of how the market works. I generally find this is the biggest challenge when working with overseas clients. In property terms, a house is a house and a deal is a deal, but there are fundamental aspects you need to be aware of. For example, buyer representation in the US is commonplace, and the offer, acceptance and disclosure requirements operate differently. Your first steps should include establishing your budget, deciding how you will pay for the property and deciding on your location and property type. I presume you've already made these decisions as a family. READ MORE Arranging the finance is most important at this time; bridging finance is generally not available here and most agents will not accept an offer on a 'subject-to-sale' basis, particularly if the property is outside of the country. Therefore, I will answer on the assumption that you have finance arranged. That finance needs to be transferred here, whether it's a bank account in your name or held in trust by your solicitor. There are significant dollar-euro fluctuations at present, so you'll need to decide yourself when to make the transfer. You will certainly need to engage an agent here to act on your behalf. Our basis of property transaction is 'caveat emptor' (buyer beware) – in other words, unless asked, there is generally no obligation on a seller to disclose faults with a property and it is up to the buyer to carry out all due diligence, which is done by your solicitor before contracts are exchanged. Ed Carey, estate agent and member of the Society of Chartered Surveyors Ireland While some agents here are exclusively buyers' agents, most are licensed for sale and purchase and will search and view on your behalf. I have found a collaborative approach is best when carrying out the initial search and that you also look at listings yourselves as there are some nuances you might prefer in some properties over others. You will also need to engage a solicitor. In its simplest terms, the agent negotiates the deal on your behalf but the solicitor authorises the legalities, and apart from the initial booking deposit all payments for the property go through them. You will also need a surveyor to inspect the property for structural soundness; the agent can usually select one they are familiar with. [ My son lives abroad and wants to sell his house here but the tenant won't move out. What can he do? Opens in new window ] Once you've found the property and the agent has inspected it, they will advise in relation to bidding. There are several bidding platforms available now; there are online private treaty and auction bidding, timed offers, best and final offers, binding offers, bid by email, and some agents are accepting bids by phone, and so on. Some agents will have a rule that the principal must have viewed the property before an offer will be accepted. This is why I've mentioned the cultural difference – the agent here can quickly establish what is a suitable option to pursue and what is not. There are a number of online resources available, such as , one of the property portals with a dedicated 'how to buy a home' section including advice, checklists, podcast and more. Some won't be relevant to you, but a lot of it is. While these resources are excellent, at the end of the day you will need to find an agent you can work with; finding with right property can take from several weeks to a number of months and closing the sale could take another three to four months after that. Sales can be quicker but these are the exception, so having someone experienced on the ground is essential. Ed Carey is a residential estate agent and a member of the Society of Chartered Surveyors Ireland Do you have a query? Email propertyquestions@ This column is a readers' service. The content of the Property Clinic is provided for general information only. It is not intended as advice on which readers should rely. Professional or specialist advice should be obtained before persons take or refrain from any action on the basis of the content. The Irish Times and it contributors will not be liable for any loss or damage arising from reliance on any content
Irish Independent
4 hours ago
- Irish Independent
Manufacturing down almost 14pc in April as fears ease over tariffs
The 13.7pc fall in production indicates that the frontloading of exports in America in advance of Mr Trump's tariffs subsided after the US president unveiled a series of reciprocal tariffs on April 2 only to postpone them a week later. There is now a 10pc tariff in place on imports, but pharma products are not included. The Central Statistics Office (CSO) said the 13.7pc decline was concentrated in what it calls the 'modern' sector. Colin Cotter, a statistician in the enterprise division, said: 'The highly globalised modern sector, which includes the chemical, pharmaceutical, and computer and electronic sectors, experienced a growth of 41.8pc in industrial production from February to April, when compared with the same period in 2024. 'In contrast, the 'traditional' sector declined by 0.7pc over the same three-month period. In general, it should be noted that the results reflect contract manufacturing activity in the multinational sectors.' Over the three months from February to April, production in manufacturing industries was 35.6pc higher compared to the same period last year. The prospect of Trump tariffs has led to a distortion in many economic indices, which is likely to continue for the rest of the year, even if the US and EU agree a new trade deal. Last week, the CSO published data showing that Irish GDP expanded by 9.7pc in the first three months of the year, one of the biggest increases ever recorded. The statistics agency said the increase was due to a significant growth in export of goods. Irish exports hit a record level of €37.3bn in March, as US companies packed their warehouses in advance of Mr Trump's threatened tariffs. Exports to America were up by €20.3bn that month alone, or 395pc, reaching a total of €25.4bn. The stockpiling was most obvious in pharma, which remains under the threat of a sectoral specific tariff of up to 25pc. ADVERTISEMENT Exports of medical and pharma products, most of them produced in Ireland, increased by €16.7bn or 243pc that month. This would have included the active pharmaceutical ingredient in Mounjaro, the weight-loss drug produced by Eli Lilly, which employs more than 3,500 people here. All of the figures are likely to unwind over the second half of the year, with the manufacturing statistics for April just the first in a series of decreases. The most recent monthly purchasing managers' index (PMI) for Irish manufacturers did record a robust increase in output volumes during May, extending the current period of growth to five months. Some firms reported subdued spending by American clients, however, though the survey suggested that concerns about the impact of tariffs eased in May. The EU recently won a reprieve from a threat of 50pc tariffs made by Mr Trump, after he spoke to European Commission president Ursula von der Leyen by phone. A July 9 deadline for US-EU negotiations to secure a trade deal was reinstated. But sources have been reported as saying little progress has been made, with the US pushing for concessions the EU is unwilling to make.
