Almost €9m paid for modern building in Bray

An overseas investor has paid close to the asking price of €9 million for a modern building rented on a long-term lease by Trinity Biotech Manufacturing at the IDA Business Park at Southern Cross in Bray, Co Wicklow. The initial yield will be over 8 per cent.

Agents JLL handled the sale of the building which is rented at €785,605 per annum and has 17 years remaining on the upwards-only lease. The building has a modern glass façade and high-spec laboratories, canteen and offices dating from 2000.

Trinity has three building in the park, one on each side of the block now being sold.

Nasdaq

Trinity Biotech is quoted on the Nasdaq Stock Exchange. The company was founded in 1992 and specialises in the development, manufacture and marketing of diagnostic test kits.

A combination of organic growth and an acquisition-led strategy has seen the company assemble a portfolio of more than 400 products. It employs 496 people, had a turnover last year of more than €80 million and a profit of €9 million.