A new industrial investment and development opportunity in Athlone, Co Westmeath, has come to the market with a guide price of €7.3 million.
Given its location, its strong tenant profile, attractive yield and significant development potential, it may appeal to investors seeking exposure to Ireland’s thriving industrial market.
The property, which is located on Moydrum Road and is brought to the market by JLL, extends to approximately 10,324sq m (111,000sq ft) and is situated in an established industrial location, just off junction nine on the M6. It is fully let to Heat Merchants on a 10-year lease from June 30th, 2022 with a current passing rent of €450,000 a year.
Also of potential interest is an adjoining site, of about 2.3 hectare (5.7 acres), which is available for sale. This presents further opportunities for development. The site is zoned “employment and enterprise” under the Athlone Town Development Plan 2014 – 2020 (current plan).
“The combination of a substantial 111,000 sq ft facility let to an outstanding covenant, and a separate 5.7-acre greenfield-development site, should make this offering particularly attractive in today’s market,” says Ollie Lyons of JLL.
The outlook for the industrial sector remains positive. A report earlier this year from CBRE cited increased levels of nearshoring, and strong consumer spending, as driving leasing momentum in the sector.
