Industrial Investment Opportunity On The Market
Willsborough Enterprise Centre on the Market for €4.5 million
DUBLIN, 8th November 2017 – CBRE have been appointed to dispose of Willsborough Enterprise Centre, a scheme of nine industrial units within two blocks, extending to approximately 3,496 sq. m. (37,630 sq. ft.). The units range in size from 321 sq. m. (3,457 sq. ft.) to 570 sq. m. (6,135 sq. ft.).
The scheme is located in Clonshaugh Business & Technology Park, Dublin 11, which is a prime nodal location, within the much sought after M50, M1, Dublin Port Tunnel & Dublin Airport axis. The development is only minutes from Dublin Airport and provides easy access to the city centre.
The scheme was originally developed by Rohan Holdings, who are well known for their quality business parks across the city, which include the likes of Dublin AirPort Logistics Park and North City Business Park in north Dublin and their latest new development Southwest Business Park in south Dublin. The Enterprise Centre was developed by them in the late 1990s and through active management by Rohan Estate Management is a very well maintained and attractive scheme.
CBRE are quoting €4.5 million for the asset which equates to approximately €1,287 per sq. m. (€120 per sq. ft.) and a Net Initial Yield of 7.45%. With industrial rents currently rising there is opportunity for rental and capital appreciation in the future. It is also noted that the price of the buildings is currently well below replacement cost as it is generally understood that new buildings of comparable size and quality will cost approximately €180 to €200 per sq. ft. to build. The entire is 100% occupied with a passing rent of €363,385 per annum and WAULT of 5.45 years, which includes an additional 18 rented car spaces. Tenants include Velux, Vernon Catering, IT Group, Telent Technology and IQOR Group. The sale represents an opportunity to acquire an easily managed and fully let industrial portfolio.
The Willsborough Enterprise Centre is a very well managed scheme, which is evident from the good quality tenants, passing rent and WAULT. This scheme offers an excellent opportunity to acquire a quality industrial asset at a price significantly below replacement cost and at a time when occupier demand is strong and rents are steadily increasing.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com
CBRE U.C., (CBRE Ireland) registered in Ireland, no. 316570. PSRA Licence No. 001528 is the country’s largest commercial real estate services company with offices in Dublin and Cork. Currently employing over 135 employees, we work with occupiers, investors and developers of office, industrial and logistic, retail, hotel and healthcare property, providing strategic advice and execution for property sales and leasing; tenant representation, corporate services; property and project management; appraisal and valuation; development services; investment management and debt advisory; business rates and compulsory purchase and research and consulting. Please visit our website at www.cbre.ie