Yewtree forks out for Drogheda industrial units
Peak Capital Advisors and TWM, have completed a deal to acquire Units 13 and 14 at East Coast Business Park in Drogheda on behalf of the financial house Yew Tree Investment Fund.
The property is understood to have changed hands for a price in the region of €1.35m.
At that level the property will provide a net initial yield at a very healthy 13.1pc.
The property is fully let to the Irish arm of the Australian electronics retailer Harvey Norman with a parent company guarantee on a 20 year lease from 4 May 2007.
The passing rent is €184,640 on the property per annum with a tenant break option in May 2022. HWBC advised the vendor.
Yewtree is is said to be primarily targeting single let and multi-let regional assets with secure tenant covenant and strong unexpired lease terms. The fund is understood to be focussed on securing "good real estate which is fit for purpose and attracts tenants with strong covenants".
Its investments include include; a 50,000 sq ft commercial unit in Athlone among others.