One of the last inner city industrial estates – White Heather Industrial Estate on the South Circular Road in Dublin 8 – and an adjoining three-bedroom house are for sale through joint agents Lisney and PALRE for more than €7 million.
The combined site extends to 2.84 acres with 188 metres of canal frontage while the 6,740sq m (72,549sq ft) of buildings produce a rent roll of €542,000 per annum from five tenants, including An Post, which operates a sorting office from its premises.
The weighted average unexpired lease term for the rent roll is 7.3 years and 5.4 years to the nearest break options.
Agent Christopher Belton of Lisney says, when let, the recently vacated three-bedroom period house would add about €35,000 to the annual income stream.
The site is within 1km of St James’s Hospital and the new National Children’s Hospital, and close to bus and Luas corridors.
The estate is zoned Z6 “employment/enterprise” in the current development plan but has obvious medium- to long-term redevelopment potential should that zoning change in the next plan.
There are significant redevelopment land banks nearby, including the former Player Wills and Bailey Gibson sites. Plans for the development of more than 1,000 homes on these and council-owned lands off the South Circular Road in Dublin were unveiled in 2017 but they are still vacant .
