Cork industrial to deliver 12pc return
Prospective purchasers of a light industrial unit at Owenacurra Business Park on the outskirts of Midleton, Co. Cork, are in line for a return of 12pc.
The property, which is being offered for sale by Lisney at a guide price of €700,000, comprises a modern, detached single-storey light industrial unit with two-storey office/service block incorporated to the front. Loading access to the warehouse area is provided by means of three up-and-over sectional loading doors. The building is on a large site of approx. 0.47 hectares (1.15 acres) with extensive external parking, loading and circulation areas on all sides of the building. The overall floor area is 15,522 sq ft (1,442 sq m) which includes 5,318 sq ft (494 sq m) in the two-storey office/service block. The property is being sold with the benefit of a sitting tenant, Symmetry Medical Ireland Ltd, trading as Tecomet, and the tenant is not affected by the sale. The lease is for a term of five years from January 1 2017 at a rent of €87,742 per annum (approx. €5.65 per sq ft).
Tecomet is a US-headquartered company that is a market-leading provider of manufacturing solutions for complex, high-precision products and services for the medical device and aerospace markets. Tecomet operates 16 manufacturing facilities in five countries and employs more than 2,500 people globally.
Owenacurra Business Park is situated on the western side of Midleton, and to the north of the main Cork to Waterford Road (N25). The scheme is approximately 19km east of Cork city.