Saturday 21 October 2017

Offices in Bray put on sale for €1.15m

Knight Frank are seeking €1.15m for this property at Bray Business Park
Knight Frank are seeking €1.15m for this property at Bray Business Park
Peter Flanagan

Peter Flanagan

Knight Frank have been retained to sell an industrial property in Co Wicklow for €1.15m.

The firm have been retained as agents by KPMG to find a buyer for the facility at Bray Business Park.

The overall facility extends to some 2,901 sq m with approximately 2,100 sq m of warehouse accommodation available.

The property has a dock leveller and roller shutter doors with a spacious loading area. The property comprises a substantial glass façade to the front and includes ample parking making it an ideal company headquarters.

The property is currently let at an annual rent of approx. €285,000 with one year remaining on the lease.

Bray Business Park is situated just off the Southern Cross Road and is just a few kilometres from the N11 (Dublin to Wexford).

The business park is host to a number of what Knight Frank call "notable" tenant's such as Takeda, Bisley and Avoca.

James Smith of Knight Frank, who is looking after the sale, believes this to be a versatile asset due to its high specification, relative location and size, as well as appealing to investors and owner occupiers alike.

"Owner occupiers are likely to be interested in purchasing the property due to the impending lease expiry, and investors may take a view on the remaining income and try to secure a tenant before the lease expires," Mr Smith concluded.

This is the latest sale of an industrial unit in the area surrounding Dublin in recent months, as the market for such properties begins to return to something close to normality.

Numerous reports from industry experts believe appetite for such assets is growing, with capital values gaining in 2014 for the first time since the days of the Celtic Tiger.

Industrial take-up for industrial property spiked to almost 325,000 sq min Dublin last year, up from take up of 296,340 sq m a year previously.

CBRE have been among others expecting an uptick in the industrial property sector over the next 12 months and beyond.

"An improvement in prime industrial rental values is likely to spill over into secondary locations as the year progresses, particularly if improving economic conditions encourage indigenous occupiers to expand and relocate as anticipated," CBRE said.

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