Galway commercial building at €4.7m promises buyer attractive 8.46pc NIY

AN attractive net initial yield of 8.46pc is on offer for the prospective purchaser of Building No 3 at the Parkmore West Industrial Estate in Galway city.

Sarah Winters of agents TWM is seeking offers in excess of €4.7m for the building, which is fully let to Creganna Medical Devices Ltd, on a full repairing and insuring (FRI) lease with an annual rent of €431,365 and over 24 years of an unexpired lease term without any future break options.

The 34-year, 11-month lease commenced in March 2007 and benefits from upwards-only rent reviews.

Building No 3 Parkmore is a standalone commercial building which is well located on the successful IDA estate.

The property has been fitted out internally to include office accommodation, laboratory space and warehouse facilities suitable to tenants’ needs.

The total area extends to 74,000 sq ft to include a tenant extension to the first floor of 28,000 sq ft. The property benefits from direct access to the Dublin, Limerick, Cork and Sligo road networks within close proximity of Galway City. Parkmore is home to numerous national and international occupiers including EA Games, Medtronic, Celestica, Merit Medical, Advent Medical, Rehab Recycling, Fidelity, Alere, and SAP.

Creganna Medical is among the top 10 global companies within the medical device outsourcing industry. The company was acquired by TE Connectivity in April 2016.

TE Connectivity is listed on the New York Stock Exchange (NYSE) and is a global technology leader with revenues of $12.2bn recorded in 2016.