The prospect of securing long-term income with index-linked rent reviews from a strong tenant coupled with longer-term development potential should see interest from investors in the sale of a fully let industrial asset on Dublin’s Naas Road. The investment at Muirfield Drive is being offered to the market by agent JLL at a guide price of €8.5 million.
The subject property, which extends to approximately 3,716sq m (40,000sq ft) and sits on a site of 2.5 acres, is currently fully let to Hevac Limited and The Tube Company of Ireland Limited, both of which are wholly owned by Wolseley.
The property is occupied on a 10-year lease from June 30th, 2022, and is generating an annual rent of €525,000. The investment benefits from index-linked rent reviews with CPI adjustments, with a new adjustment scheduled for January 1st, 2029.
Max Reilly of JLL says: “The property’s strategic location on the Naas Road, coupled with its quality tenants and index-linked rent reviews, positions this asset as an attractive proposition for investors. The substantial site area of 2.5 acres provides a significant opportunity for future development, allowing investors to unlock additional value in this growing location.”
