TWM sells unit in Galway for €6m
Sarah Winters of TWM has secured a price of over €6m from a private investor for Building No 3 at the Parkmore West IDA Estate in Galway.
The property extends to 74,000 sq ft over two floors and is fully let to Creganna Medical Devices Ltd, on a full repairing and insuring (FRI) lease with an annual rent of €431,365.
The lease currently has more than 24 years unexpired without any future break options.
The price secured for the unit reflects a net initial yield of just over 6.6pc (assuming standard purchaser costs of 8.46pc).
Winters says there was a good level of interest predominantly from private investors and funds looking to regional locations for long-term secure income at attractive yields.