Build­ing in Gal­way busi­ness park for €4.7m

The Irish Times - Business - - BUSINESS COMMERCIAL PROPERTY -

Funds look­ing for a se­cure long-term prop­erty in­vest­ment pro­duc­ing at­trac­tive re­turns can be ex­pected to show in­ter­est in a mod­ern com­mer­cial build­ing in Gal­way rented by top US med­i­cal de­vices group Cre­ganna.

Sell­ing agent TWM is seek­ing in ex­cess of €4.7 mil­lion for the mod­ern build­ing let to Cre­ganna Med­i­cal De­vices at an an­nual rent of €431,365.

The new owner can bank on an ini­tial re­turn of 8.78 per cent after pur­chaser costs are taken into ac­count.

There are more than 24 years to run on the lease, which is sub­ject to up­wards-only rent re­views.

No 3 Park­more West In­dus­trial Es­tate is lo­cated in an IDA es­tate close to Gal­way city and with di­rect ac­cess to the Dublin and Lim­er­ick roads.

The 6,894sq m (74,000sq ft) build­ing has a size­able ten­ant ex­ten­sion at first floor level and has been fit­ted out in­ter­nally to in­clude of­fice ac­com­mo­da­tion, lab­o­ra­tory space and ware­house fa­cil­i­ties.

Top 10

Cre­ganna Med­i­cal is ranked among the top 10 global com­pa­nies in the med­i­cal de­vice out­sourc­ing in­dus­try.

The com­pany was ac­quired

The ini­tial re­turn after pur­chaser costs are taken into ac­count

in 2016 by TE Con­nec­tiv­ity, which is listed on the New York Ex­change and had rev­enues of $12.2 bil­lion in the same year.

Michele Jack­son of TWM said that with the ben­e­fit of up­wards-only rent re­views and long-term in­come, she ex­pects to see in­ter­est in the in­vest­ment from a range of pur­chasers.

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