Yewtree purchases industrial property in south Dublin
YewTree Investment Fund has successfully acquired 62A Heather Road in Sandyford Industrial Estate.
The property is let to Logicalis Ireland Limited, a wholly owned subsidiary of Logicalis Group Limited. This end of terrace mixed use building, which originally comprised warehouse with integral offices, has been converted to mainly office accommodation by the tenant and extends to a gross external area of 5,107 sq ft.
TWM advised the purchaser on the acquisition, while Quinn Agnew represented the vendor. TWM comment that the fund remains active in the market with a requirement for additional investments in 2016.
The property, which has a secure term of almost 14 years was purchased for approximately €770,000 reflecting a net initial yield of 10.68pc. Logicalis has a full repairing and insuring lease for the entire property for 35 years from August 1994 with no breaks at a rent of €92,500 per annum. While the passing rent is higher than estimated market rent, the lease incorporates upwards only rent reviews.
Yew Tree Investment Fund Plc is an umbrella investment company with variable capital authorised by the Central Bank of Ireland. The fund aims to generate income and to maximise the return from investment primarily in irish property and/or property related assets.
The fund is active in the Irish investment market and has acquired 10 investment properties over the past year.
The other acquisitions it has made over the past 12 months include an industrial investments in west Dublin, Toughers Business Park and Drogheda and office & retail investments in Portarlington, Tullamore and Listowel.