The sale of a prime logistics industrial building, let to one of Ireland’s largest retailers, Dunnes Stores, is likely to attract interest from private equity investors and family offices/high net worth individuals.
Harvey is bringing Unit 1, at the Stadium Business Park, in Ballycoolin, Dublin 15, to market at a guide price of €12.8 million (exclusive).
The detached HQ industrial/warehouse and office facility, which extends to 78,441sq ft, sits on a site of 3.95 acres, and is positioned at the park entrance. The development is strategically located for distribution between the N2 and N3.
The property is currently let to Dunnes Stores, which isn’t affected by the sale, at a passing annual rent of €775,000. The first rent review is in March 2027. This suggests that a purchase price at €12.8 million would reflect a net initial yield of 5.5 per cent, and a capital value of €163.18 per square foot.
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Dunnes Stores is under the terms of a full repairing and insuring lease for 15 years from March 2022, incorporating a tenant break option in March 2032, therefore offering seven-years-plus certain income.
The property is well positioned on-site, and features include a clear internal height of 39ft (12m), eight dock levellers, two level access doors, an ability for HGVs to circulate the building, dedicated trailer parking and a passenger lift.
Philip Harvey, managing director of Harvey, said: “Unit 1 Stadium Business Park underwent a very significant refurbishment programme prior to its letting and achieved a very good Ber rating of B1. A Ber Uplift Report indicates that very minor additional capex, relative to the property’s size, can bring this to Ber A1 rating, should an incoming investor choose to do so. It is reversionary and is let to Ireland’s largest retailer, offering secure income. It also has a dual use planning permission, which is a benefit for future re-lettings. The excellent characteristics of the property, and fact that the capital value per square foot is well below replacement cost, will no doubt attract investors.”
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