Monday 11 December 2017

Dublin distribution facility at €2.95m

630 Nortwest Business Park is let on a 10-year, full-repairing and insuring lease from July 2010
630 Nortwest Business Park is let on a 10-year, full-repairing and insuring lease from July 2010
Ronald Quinlan

Ronald Quinlan

Agents William Harvey have brought a prime distribution and office facility in one of Dublin's foremost locations to the market for an asking price of €2.95m (exclusive).

Extending to 2,686 sq m (25,912 sq ft), No. 630 Northwest Business Park sits on a self-contained site of approximately 2.25 acres (.91 hectares). The building is let to DSV Air & Sea Ltd. on a 10-year, full repairing and insuring lease from July 1, 2010, and is delivering rental income of €199,000 per annum to lease expiry.

The lease is guaranteed by UTi Worldwide Inc., which was acquired earlier this year by the DSV Group.

While the agents are of the view that the property is currently under-rented, the property's asking price of €2.95m still equates to a net initial yield of 6.46pc.

The facility itself is well-designed and finished in what the agents describe as an "attractive cladding" with a landscaped site.

There are separate entrances for cars and HGVs with extensive car parking provision provided at the front and sides of the building. With its substantial site size and low density, there is room for the property to be expanded subject to the appropriate planning permission being obtained.

The building's storage space extends to some 2,062 sq m (22,195 sq ft), offering bright accommodation with a clear internal height of 9m.

Loading access is provided through five ground-level loading doors on the southern elevation and two dock levellers and one ground-level loading door on the northern elevation. All loading doors are covered by canopies.

Elsewhere, the buildings comprise 624 sq m (6,717 sq ft) of fully-fitted, two-storey office accommodation and staff facilities finished to a high standard.

Northwest Business Park is a proven, strategic distribution location within Dublin, convenient to all of the country's major arterial routes.

The facility is located 6.4 km from both the N2 and M50 Motorway Interchange (Junction 5) and N3 and M50 Motorway interchange (Junction 6).

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