Friday 15 November 2019

Industrial units with €4.5m asking price

CBRE is guiding €4.5m for these units at North Parj in Dublin
CBRE is guiding €4.5m for these units at North Parj in Dublin

Peter Flanagan

CBRE are launching the sale of six modern industrial business units at North Park, Dublin 11 to the market for sale by private treaty.

The firm are offering the units in four separate lots or to purchase the entire in one lot. CBRE are understood to be quoting a price of €4,5m for the entire lot, which equates a net initial yield of 6.66pc.

North Park is located adjacent Junction 5 on the M50 and has a profile onto the North Road and the M50. This strategic location allows for excellent access to Dublin Airport, Dublin Port Tunnel, and the city centre via the N2, CBRE say.

Units 3 and 4 extend to approximately. 1,880 sq m and are occupied by Crown Records at a rent of €157,500 per annum on a 25 year lease from June 2004. The property comprises of a semi-detached block and benefits from extensive frontage to the main estate road which allows ease of access to and from the building. Internally the unit has an extensive tenant fit out with a three storey mezzanine system installed including good lifts.

Unit 5 comprises a high profile corner unit with exceptional profile directly onto the M50. The unit extends to some 1,184 sq m (12,744 sq ft) and benefits from an excellent height of 11.2 m. The unit is currently vacant which would allow purchasers of the entire collection to significantly increase their rental income, the agents claim.

Units 36 and 37 meanwhile compromise two mid terraced units which were amalgamated during the initial construction phase and extends to about 1,166 sq m (12,551 sq ft). Loading access is provided by means of two insulated sectional panel doors located to the front elevation. The property is occupied by DX Network Systems Ltd on a 20 year lease from June 2007 at a rent of €130,590 per annum.

Unit 39 finally comprises of an end of terrace industrial/showroom unit extending to approx. 482 sq m (5,188 sq ft). The unit is a high profile corner business unit which incorporates two storey office accommodation. The unit is occupied by All Metal Fasteners, which has a four year and nine month lease signed in October 2014 and are currently paying €25,000 per year.

The industrial and logistics market is experiencing a significant improvement in trade in the past year and this is expected to continue into this year with Dublin prime rents climbing to €6.50 per sq ft. Most of the industrial units trading are relatively small in size.

CBRE's Colm Luddy and Garrett McClean commented: "This type of investment will be attractive to an investor who is looking to take advantage of the resurgence in the industrial market and is looking to take a significant foothold in one of Dublin's premiere industrial parks adjacent Junction 5 of the M50"

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