Fully-let Ci­ty­west in­vest­ment at €7.35m of­fers ini­tial yield of 7.2pc

Irish Independent - Business Week - - COMMERCIAL PROPERTY - Ronald Quin­lan

Pa­tri­cia Ward of agent TWM is quot­ing a price of €7.35m for a ma­jor com­mer­cial in­vest­ment op­por­tu­nity on the Naas Road in Dublin.

Fully-let to Miele and to United Drug, No 2024 Bian­coni Av­enue is cur­rently pro­duc­ing to­tal an­nual rent of €575,000 per an­num.

Based on its price, the prospec­tive pur­chaser can ex­pect to se­cure a net ini­tial yield of 7.2pc and a cap­i­tal value per square foot of €149.

The sub­ject site ex­tends to 1.21 hectares (3 acres) with frontage of 82 me­tres onto the N7, one of only four Ci­ty­west devel­op­ments with N7 frontage. It also ben­e­fits from be­ing at Exit 3a from the N7 to Bian­coni Av­enue and has an ex­ist­ing 67-space sur­face car park with ca­pac­ity for fur­ther spa­ces.

The prop­erty is within 1.8km of two new Luas stops at Ci­ty­west Cam­pus and For­tunestown.

Miele Ire­land Ltd oc­cu­pies the two-storey of­fice build­ing fronting the N7 which in­cor­po­rates its well-known Ex­pe­ri­ence Cen­tre.

Miele’s head­quar­ter of­fices are held un­der a lease for 25-years from May 2, 2008, ex­pir­ing in May 2033. There is an out­stand­ing rent re­view from May 2018, and the lease has the ben­e­fit of a par­ent com­pany guar­an­tee. The pass­ing rent is €410,000 per an­num.

The two-storey of­fice build­ing ex­tends to 1,777 sq m (19,127 sq ft) com­bin­ing a mix of open plan and cel­lu­lar of­fices with raised ac­cess floors and air con­di­tion­ing.

United Drug (Whole­sale)

Ltd oc­cu­pies un­der a one-year lease dat­ing from July 21, 2016 at a pass­ing rent of €165,000 per an­num. The ten­ancy is de­ter­minable by three cal­en­dar months’ no­tice by land­lord or ten­ant. The com­pany oc­cu­pies the en­tire ware­house of 2,813 sq m (30,278 sq ft) for stor­age and dis­tri­bu­tion pur­poses.

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