Agents Knight Frank are guiding €750,000 for a high-yielding industrial investment at Walkinstown Avenue, Walkinstown, Dublin 12, which will give the next owner a net initial return of 10.2 per cent.
Unit 1, a showroom and warehouse of 1,706sq m (18,358sq ft), it let to Cube Displays Ltd on a five-year lease from January 2014, at a current rent of €80,000 per annum.
The building is located on a high profile site on the west side of the Walkinstown Road opposite a Lidl supermarket.
Walkinstown Avenue is accessed from the Long Mile Road, which is a well established retail warehouse and office location about 8km from the city centre.
Planning permission was granted in 2007 to redevelop the site to provide two six-storey buildings with ground floor retail and offices and residential units on the upper floors. Although the planning has since lapsed, Knight Frank says there “is potential to secure a similar permission in the future.”
The selling agents say the investment should appeal to owner-occupiers because it was already showing a return of over 10 per cent, was subject to a short-term lease and the acquisition costs would still be substantially lower than the cost of building it.
