Industrial property specialists Harvey are guiding a price of €1 million for Unit 8 at Plato Business Park in Dublin 15.
Situated within the Damastown Industrial Park, the property comprises a modern, semi-detached industrial warehouse facility with two-storey office accommodation, extending to 1,163sq m (12,519sq ft). It has a clear internal height of 8m (26 ft), two level access doors and ample car parking to the front and rear.
Unit 8 is leased in its entirety to 7-Day Auto Limited until August 25th, 2024. The annual rent is €90,000, following the settlement of a 2019 rent review. The lease is full repairing and insuring (FRI) subject to a schedule of condition, and the tenant has been trading successfully from the unit since 2004.
Prospective purchasers will note the tenant did not exercise its option to break the lease in 2019. The passing rent equates to €77.39 per sq m (€7.19 per sq ft), offering some reversionary potential based off more recent letting activity.
Plato Business Park is a well-presented and actively-managed development within the Damastown Industrial Park. Unit 8 is positioned to the front of the estate where it benefits from excellent profile on to Damastown Road. The park is very well located, just 1km from the N3 Dublin/Navan Road and 4.9km from junction 6 of the M50 motorway, providing easy access to Dublin Airport (14-minute drive) and Dublin Port Tunnel (12-minute drive).
The asking price of €1 million (exclusive) reflects a net initial yield of 8.18 per cent, after standard purchaser’s costs of 9.96 per cent.
Siobhán Convery, director at Harvey, says: “This is an outstanding opportunity to acquire a modern industrial investment property in a well-established and popular trading location. At the asking price, the capital value equates to €859.83 per sq m (€79.88 per sq ft) which is significantly below replacement cost.”