Industrial property specialist Harvey is quoting a price of €5.2 million for a high-profile sale-and-leaseback investment opportunity at Ashbourne Business Park in Co Meath.
The subject property comprises a high bay warehouse and office facility extending to 3,820sq m (41,118sq ft) to be let on a new 20-year full repairing and insuring lease to Oasis Document and Data Management and to be guaranteed by Offsite Archive Storage & Integrated Services.
The lease provides for fixed rental uplifts after the fifth and 10th years with a rent review to market rent after the 15th year. The tenant will also have the option to break the lease after the 15th year.
Based on the asking price of €5.2 million, the initial rent of €400,000 per annum equates to a net initial yield of 7.1 per cent, rising to 8.2 per cent after five years, and 9.4 per cent after 10 years.
Constructed for the Oasis Group in 2009 for use as a document-storage facility, Unit 12 in Ashbourne Business Park boasts an unusually-generous clear internal height of 14.9 million. This has facilitated the fitting out of five levels of mezzanine archive storage within the warehouse, maximising the use of the height. Loading access is via one dock leveller and two ground-level doors.
Wraparound offices
There are three-storey, wraparound offices to the front of the building comprising 548sq m (5,899sq ft). This space incorporates a range of open-plan and cellular spaces, a boardroom, canteen and restroom facilities.
Situated just 10 minutes' drive from the M50 motorway, Ashbourne Business Park is a high-quality development featuring attractive landscaping, uniform building design and around-the-clock onsite security. Significant occupiers at the scheme include Primeline Logistics, Sundrelle and PCO Manufacturing.
The Oasis Group is one of Europe's largest document management and data storage solutions providers with 49 locations in Ireland, UK, Belgium and the Netherlands. Oasis recently completed the 43rd acquisition of its 10-year history and has an active pipeline of further opportunities within existing and new geographies. The company currently employs 650 people who service a diverse range of over 8,000 clients with over 15 million stored items and boxes.
Kevin McHugh of Harvey says he expects the subject property to prove attractive to institutions, property companies and private investors owing to the strength of the financial covenant presented by the tenant and guarantor.
