The prospect of a 9.98 per cent net initial yield and a reversionary yield of 6.19 per cent in March 2021 should see strong interest in the sale for €3.6 million of a fully-let industrial facility at Roseville Business Park in Donabate, Co Dublin.
The subject property, which is being offered to the market by Colliers International, comprises a modern detached facility with two-storey offices to the front and warehousing to the rear. The unit is situated on a large secure yard of 3.78 acres used for showroom, storage and assembly/reconditioning purposes. The availability of such a large yard in a sale of this kind is rare. The unit occupies just eight per cent of the site’s overall area, and the yard depth runs to 110 metres.
The property is let to Portakabin (Ireland) Limited by way of a 25-year full repairing and insuring (FRI) lease from March 1st, 2003. The lease provides for a parent company guarantee and the tenant has the benefit of a break option in March 2026, subject to 12 months' notice, leaving an unexpired lease term of six years to the break and eight years to expiry.
The current passing rent of € 395,000 per annum, will reduce to € 245,000 per annum on March 1st, 2021 and is payable until lease expiry on March 1st, 2028. The surplus land was rentalised when setting the rent in March 2021.
Portakabin is Ireland’s largest supplier of modular and relocatable building systems for sale and hire. Operating in 10 countries and employing more than 1,750 people, the company innovates, develops and delivers high-quality buildings for a variety of organisations, including numerous national and secondary schools nationwide.
Roseville Business Park meanwhile is an established industrial and logistics location that adjoins the Turvey Business Centre, Red Leaf Business Park and Shannon Valley Centre.
The scheme is located just off the M1 motorway 16km north east of Dublin city centre and 3km west of Donabate village. Dublin Airport and Dublin Port Tunnel are situated within five and 10 minutes’ drive respectively.
Stephen Conway, who is handling the sale on behalf of Colliers, says: “Given the profile of the tenant, the quality of the real estate and forecasts for the industrial sector generally we are expecting excellent interest from investors in this property.”
