Agent Harvey expects to see strong interest in a fully let industrial investment it is bringing to the market in northwest Dublin. Units 1 to 4 at Keypoint Business Park and Units 7 to 9 in Block 31 Rosemount Business Park are being offered for sale with a single, strong tenant in place, and in one or more lots at an overall guide price of €4.75 million.
Units 1-4 Keypoint Business Park comprise 2,061sq m (22,185sq ft) of 10.3m high industrial/warehousing space with ancillary three-storey offices. Loading access is provided via four level-access doors to the rear and three doors to the front.
Units 7, 8 & 9 at Block 31 Rosemount Business Park back on to the units at Keypoint and comprise 1,463sq m (15,748sq f) of 8.1m high industrial/warehousing space with ancillary two-storey offices. Loading access is provided via three level-access doors to the front of the property.
The tenant, Isopartner Ireland, is a is part of a multinational group of companies headquartered in Belgium. Isopartner Technical Insulation Solutions Ltd leases the various units under three long leases in Keypoint and one long lease in Rosemount. All of the leases expire on August 31st, 2031, and each lease is due for a rent review in 2026.
The units are under-rented, according to the selling agent with a current annual rent roll of €315,775. The estimated rental value is €375,000 per annum. Should Isopartner choose to vacate the properties in six years’ time, there would be potential to let the various units individually which would typically command higher rents.
The investment is available in three lots with pricing below replacement cost:
- Lot 1: Units 1-4 Keypoint Business Park has an asking price of €2.8 million and offers purchasers a net initial yield of 6.4 per cent and a reversionary yield of 7.5 per cent.
- Lot 2: Units 7, 8 & 9 – Block 31 Rosemount Business Park has an asking price of €2 million and offers purchasers a net initial yield of 5.4 per cent and a reversionary yield of 6.9 per cent.
- Lot 3: The entirety has an asking price of €4.75 million offering purchasers a net initial yield of 6 per cent, a reversionary yield of 7.2 per cent and an underlying capital value of €1,348 per sq m (€125 per sq ft).
Kevin McHugh said, “It is rare to see multiple small units let to such a strong company. This provides excellent income security for six years, with the potential to drive values through leasing or selling individual units thereafter, should the tenant choose to vacate.”
