Tuesday 23 October 2018

Glasnevin industrial unit at €5m promises 8.45pc yield

No 129 Slaney Road is fully let and producing annual rent of €454,000
No 129 Slaney Road is fully let and producing annual rent of €454,000
Ronald Quinlan

Ronald Quinlan

Agents Lisney will be seeking offers in excess of €5m when they bring No 129 Slaney Road in Glasnevin to the market this week.

Fully let and producing an annual rental income of €454,000, the building measures just over 62,000 sq ft and is on a site of 3.8 acres.

Based on its €5m guide price, this prime industrial property offers the potential purchaser a net initial yield of 8.45pc and represents a capital value of less than €50 per sq ft, which is well below its replacement cost.

No 129 Slaney Road is occupied by the health and personal care packaging division of Essentra Packaging Ireland Ltd. The lease, which runs until September 2027, with a break option at the end of September 2020, is guaranteed by the company's UK parent, Essentra International Packaging Limited.

Essentra is an international company supplying customers in more than 100 countries and has a Dun & Bradstreet rating of 5A1.

Close to Glasnevin Cemetery, the property is well located for light-industrial and distribution users, being just off the southern end of the N2, equidistant between Dublin city centre and the M50.

It is likely to attract both investors and developers given the size of the site and its accessibility. A number of neighbouring properties have been redeveloped in recent years, with Lidl and Woodies among the notable retailers that have moved in to the location.

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