Swords Enterprise Park portfolio of 60 units quoting more than €7m

Knight Frank is quoting more than €7 million for a portfolio of 60 light industrial units at Swords Enterprise Park which, if that price is achieved, equates to a net initial yield of 8.25 per cent.

The sale, on the instruction of joint receivers David Hughes and Luke Charleton of Ernst & Young, means about 70 per cent of the landscaped business campus is on the market.

The remaining 30 per cent of the 86 own-door office and light industrial units in the 11,150sq m (120,017sq ft) enterprise park are held by Fingal County Council and private individuals.

Swords Enterprise Park is adjacent to the M1 and close to the Feltrim flyover.

It has good access to Dublin Airport, the M50 and is also serviced by the 43 bus service that links Swords, Dublin Airport and Dublin city centre. The portfolio for sale includes 27 own-door offices, 12 light industrial units and 21 storage or manufacturing units.

Some 83 per cent of the space is occupied and generating a rent roll of €619,000 a year.

A further €31,850 of income agreed on three units is working its way through legals.

Knight Frank suggest the “achievable estimated rent” for the 7,187sq m (77,360sq ft) on offer is closer to €735,000, which would deliver a potential net reversionary yield of 10 per cent when standard acquisition costs of 4.46 per cent are factored in.

The 48 leases in place on the units for sale are generally short- to medium-term in nature. Rental growth could be achieved by letting the vacant units and driving the current low base rents on renewal of existing tenancies.

Swords Enterprise Park is home to a wide range of SMEs such as NX Systems, Newport Pharmaceuticals, M2M Telematics and Sonex Metrology Ltd.

The own-door offices range from 100sq m (1,076sq ft) with space spread over two levels, while the 12 light industrial units offer two-storey office space to the front with rear commercial warehouse access via standard-grade roller-shutter doors.

All office areas are finished to a high standard with suspended ceilings, recessed lighting, perimeter trunking and a mixture of gas and electric storage heating. The 21 storage/manufacturing units are from 70sq m (753sq ft).