Tuesday 24 September 2019

Cork warehouse investment with €5.2m price tag

Prime site: Wallingstown, Little Island, Cork
Prime site: Wallingstown, Little Island, Cork
Donal Buckley

Donal Buckley

AN industrial investment opportunity near Cork city has been brought to the market with a €5.2m guide price. Isobel O'Regan, of Savills' Cork office, which is handling the sale, says the current effective rent is €371,600 per annum up to February 2027 and this equates to an initial yield of 6.59pc with reversionary yield potential of 7.24pc.

"It also equates to a capital value of €98 per sq ft, which provides an excellent value opportunity well below replacement cost," she added.

The warehouse facility at Wallingstown, Little Island, to the east of Cork city, comprises a detached standalone headquarters-style warehouse facility on a secure four-acre site.

Detached, the premises has a gross external area of about 52,698 sq ft. Office accommodation is provided to the front of the building over two floors.

It is leased to one single occupier, Gaynor Pearse Motor Factors Unlimited Company t/a J&S Automotive Distributors, on a 10-year lease from February 2017 with no breaks options.

There are two vehicular entrances to the site and circulation areas to the front and rear of the building which is constructed of steel frame with double skin insulated architectural metal deck cladding to the elevations, all under a double skin insulated metal deck roof.

The premises has four grade level doors and one dock leveller with capacity for dock levellers.

Indo Business

Also in Business