Agent Harvey is quoting a price of €3.05 million for units 9A & 9B at Park West Industrial Park in Dublin 12.
The subject property is a detached block, subdivided into two self-contained industrial/warehouse and office units. The combined block extends to 3,143sq m (33,831sq ft) comprising unit 9A (2,382sq m/25,640sq ft) and unit 9B (761sq m /8,191sq ft). The property has a clear internal height of 7.7m (25 ft), full-height ground-level loading doors and 38 car parking spaces. Each of the units includes fully-fitted offices and staff facilities.
The entire property is leased to Gardiner Group Ltd for a term expiring June 24th, 2024, and the current annual rent is € 235,000 (exclusive). The lease is on a full repairing and insuring (FRI) basis and there is an outstanding, upwards-only rent review dating from June 23rd, 2019. There are two sublettings in place, both of which expire in advance of the lease expiry date, and deeds of renunciation have been executed.
Gardiner Group Ltd has been in business for 33 years and its last filed accounts show its subsidiaries as including Ark Safety Equipment, MVI Hazel, PE O’Brien & Sons, Safeway Manufacturing and Mygan Supplies.
The asking price of € 3.05 million (exclusive) reflects a net initial yield of 7.01 per cent, after standard purchaser’s costs of 9.96 per cent.
Popular development
Park West Industrial Park is a popular development, and as such boasts a low vacancy rate. It is an actively managed development adjacent to the Cherry Orchard and Park West railway station and benefits from a range of amenities including a coffee shop, restaurant, shops, a creche and a fitness centre. A number of Dublin Bus routes serve the scheme while a private shuttle bus service links it to the city centre and the nearby Kylemore Luas stop. The M50 motorway is a short drive time away and can be accessed via junction 7 (N4) and junction 9 (Naas Road/N7).
Philip Harvey, managing director at Harvey, says: “Whilst obviously an investment opportunity, the property could also appeal to an owner occupier with a future space requirement. It offers excellent rental growth prospects and due to the fact that the tenant itself is not in occupation and the subtenants have no renewal rights, an opportunity exists at lease expiry to relet the unit/s on new longer leases, thereby enhancing investment value. Alternatively, the unit/s could be disposed of with vacant possession at a future date. The capital value per square foot is significantly below replacement cost.”
