€1.8m for Swords Business Park offices and industrial
Agents CBRE are guiding €1.8 million for two detached commercial buildings in Swords Business Park, one of them an office block and the other an industrial facility.
The office block for sale at Swords Business Park
The leading facilities management company, Noonan Services Group, operates its headquarters from the office building which extends to 2,415sq m (26,000sq ft) and also occupies a unit in the industrial building which has a floor area 3,065sq m (33,000sq ft).The Noonan lease runs for 15 years from 2010 and includes break options in years five and 10 and open market rent reviews every five years. The current rent of €134,400 equates to only €4.63 per sq ft.
Only one other unit in the industrial block with a floor area of 171sq m (1,850sq ft) is let to Toga Freight on a three-year lease from October 2012, at €21,600 per annum.
CBRE says the €1.8 million guide price would provide an investor with an initial yield of 8.3 per cent, but the return could be substantially improved through good asset management. There was obvious scope to increase the current low rent and the overall return could also be helped by letting the vacant industrial space.
The selling agents say that both buildings have been constructed to a high standard. Internally the office building has all modern specifications including raised access floors, suspended ceilings and air cooling. The industrial block has been subdivided over the years and offers a number of occupational options