Westlink in­dus­trial es­tate in Dublin sells for €13.87m

Pan-Euro­pean in­vestor and as­set man­ager M7 Real Es­tate in off-mar­ket trans­ac­tion Large busi­ness park has 31 in­dus­trial units and ex­tends to a com­bined 17,837sq m

The Irish Times - Business - - BUSINESS COMMERCIAL PROPERTY - JUSTIN COMISKEY

Pan-Euro­pean in­vestor and as­set man­ager M7 Real Es­tate has bought the Westlink in­dus­trial es­tate in Dublin 10 for €13,870,000.

The large, multi-let in­dus­trial es­tate on Kyle­more Road in Bal­lyfer­mot was ac­quired from a pri­vate in­vestor in an off-mar­ket trans­ac­tion that equates to a value of 72.36 per sq ft and re­flects a net ini­tial yield of just un­der 7 per cent.

Westlink is about 7.5km west of Dublin city cen­tre and 3km from Junc­tion 9 (Red Cow) of the M50. It has 31 in­dus­trial units and ex­tends to a com­bined 17,837sq m (192,000sq ft). M7 is plan­ning “ex­ten­sive up­grade works” at Westlink to en­hance the es­tate and bring newly re­fur­bished space to the mar­ket.

The va­cancy rate at Westlink is 22 per cent but the new owner says re­fur­bished units will be avail­able to let from the first quar­ter of next year through let­ting agents JLL and CBRE.

Value-add

John Mur­naghan, head of UK and Ire­land real es­tate at M7, says Westlink of­fers “a great value-add op­por­tu­nity to ap­ply an ex­ten­sive pro­gramme of up­grade works across the re­main­ing va­cant units to fur­ther en­hance the qual­ity of the es­tate, im­prove oc­cu­pancy lev­els and rapidly se­cure rental growth”.

Westlink, which at 32 years old, is one of Dublin’s long­est-es­tab­lished busi­ness parks, was sold by Ir­ish Life for more than €7.5 mil­lion in July 2016 to Ir­ish-based devel­op­ment and in­vest­ment group Ardale Prop­erty and the UK’s C2 Cap­i­tal.

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