Brooks Timber site on market guiding €600k
Published 24/11/2013 | 20:30
DOUGLAS Newman Good (DNG) has brought to market an investment property outside Galway City.
The 3,575sqm property at Ballybrit outside the city is for sale with a guide price of a little more than €600,000. It is for sale by private treaty.
The site at Ballybrit Crescent beside Galway racecourse is currently fully let to Brooks Timber & Building Supplies Limited until January 2028.
Brooks has rented the site under-a-15- year FRI lease from 25th January 2013 with a reserved rent of €40,000 per annum exclusive.
DNG say the site is an "easily managed" investment property, with "significant reversionary potential".
The property is located in a "prominent" position on the Racecourse Road in Ballybrit, approximately 6km east of Galway city centre and easily accessible from the M6, N6 and N17 road networks.
Those roads serve Tuam, Headford, Oranmore and Galway Airport respectively.
The surrounding area is predominantly commercial in character, DNG say, with warehousing, retail, office and industrial users.
"There is a significant residential catchment within 10 minutes' drive," the firm adds.
The property was built in 2000 and is of steel frame construction with concrete block infill walls. The eaves height is approximately 5.6m and the warehouse has 4.95m-high electrically operated roller shutters.
Internally, the warehouse has a power-floated floor, sodium lighting and purpose-built racking system.
"The showroom area is approximately 603sqm with what is described as a "significant" mezzanine floor, which is about 152sqm with offices, toilets and canteen facilities below.
"The vendors have opted to 'Tax for VAT purposes', therefore a proposed purchaser will be liable for the VAT applicable to the sale.
The lease allows for rent reviews on the 2nd, 7th and 12th year with a provision for a 12 month notice period.
The tenants have an option to break from the terms of the lease, subject to six months' written notice, on the expiry of the 3rd, 6th and 11th year of the term.
The lease is guaranteed by Premier Forest ROI Ltd.
The Ballybrit property is the latest site to come on the market in that area. Ballybrit has become increasingly popular among firms looking for industrial sites that are reasonably close to the centre of Galway with strong transport links to the rest of the country, especially Dublin.
Karl Byrne and Hugh Forde of DNG are acting as agents for the property.