A Galway industrial building let to a global leader in medical technology is new to the investment market this week.
Savills is quoting €3.75 million for Building 5 at Parkmore Business Park West which is on the eastern approaches to the city. This would represent a net initial yield of 10.56 per cent and a capital value of €753.50 per sq m (€70 per sq ft).
It is fully let to Medtronic under two leases with a weighted average unexpired lease term of 2.3 years. The passing rent comes to €413,551.
This modern industrial building extends to 5,006sq m (53,884sq ft) and comprises a detached warehouse with ancillary office accommodation.
It is on a site of 1.05 hectares (2.60 acres) with ample car-parking.
Parkmore Business Park West is one of the top industrial and logistics locations in Galway.
It offers easy access to the N6/M6, N17 and N18 road network which link with Dublin, Sligo, Limerick and Cork.
Occupiers in the park include SAP, Fidelity Investments, Celestica, Merit Medical and EA Sports.
Paul Callanan of Savills says the sale also offers "future asset-management opportunities with potential for restructuring of the existing lease to extend the term".
