Agent Harvey is guiding a price of €1.95 million for a well-located office and industrial investment at Crossbeg Industrial Estate in Ballymount, Dublin 12.
Unit 3/4 occupies a high-profile site of more than 2 acres, at the corner of Ballymount Road Upper and Calmount Road, only 750m from Junction 10 of the M50 motorway.
The property comprises two semi-detached concrete portal frame buildings and a further steel portal frame building, providing 3,122sq m (33,605sq ft). The property is let on a 15-year lease from November 2017 on a full repairing and insuring (FRI) basis at a rent of €170,000 per annum (exclusive) to Swan Plant Hire (Dublin) Limited, which is 100 per cent owned by Lir Holdings. Lir Holdings is 100 per cent owned by the Loxam Group. Swan Plant Hire (Dublin) Limited has traded from the Ballymount area for more than 50 years and, more specifically, from 3/4 Crossbeg Industrial Estate for more than 17 years.
Rent reviews
The lease provides for rent reviews at the end of fifth and 10th years and the tenant has the right to break the lease in November 2022 and November 2027, subject to six months’ notice.
Siobhan Convery of Harvey says: “This investment offers an excellent opportunity to acquire a high-profile property contained within a very large secure site and offering very good rental growth prospects. A deed of renunciation is also in place.”
The guide price of €1.95 million equates to an attractive net initial yield of 8.04 per cent.
