Wednesday 22 May 2019

Cookstown Industrial Estate unit at €725k offers 11.45pc yield

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Ronald Quinlan

Ronald Quinlan

Agent CBRE is guiding a price of €725,000 for Unit 34 at the well-established Cookstown Industrial Estate, Dublin 24.

The subject property comprises an industrial/warehouse facility of c 1,241 sq m (13,358 sq ft). The unit is built to a high specification, including fully-fitted office accommodation, secure yard areas to the front and rear, a loading area and an eave height of 5.8m in the warehouse.

Located in Tallaght, Cookstown Industrial Estate is accessed via the N81 and R113 (Belgard Road). The scheme is situated 8km south-west of Dublin city centre and is one of the largest residential and commercial areas in Dublin.

The industrial estate is located in close proximity to Tallaght Hospital and The Tallaght Square Shopping Centre, which comprises part of the commercial centre of Tallaght. The immediate area has numerous amenities including restaurants, coffee shops, service stations and childcare facilities. Internally the property is of pre-cast concrete portal-frame construction. Located to the front of the unit are two-storey amenity blocks which are fitted out to provide for offices, WCs and staff facilities.

The unit is currently leased by Actavo Building Manufacturing Limited under a 35-year lease from November 1989. Actavo have sub-let the property to 'Squat & Gobble Restaurant Limited' (T/A Enhance Marketing), under the terms of a five-year lease from August 18, 2015. The current passing rent is €90,000 per annum, on an upward-only rent review basis. The head lease is due to expire in November 2024, leaving an unexpired term in excess of 6.6 years.

Based on the Unit 34 guide price of €725,000, the prospective purchaser can expect to secure a net initial yield of 11.45pc and a capital value of €54 per sq ft.

Andre Berg of CBRE's capital markets division says: "The sale of Unit 34 at Cookstown Industrial Estate offers investors the opportunity to acquire an industrial investment opportunity situated in an established south Dublin industrial park adjacent to the M50 motorway."

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