€13.5m portfolio of warehouses

Allsop Space is seeking more than €13.5 million for a portfolio of 24 predominately warehouse units in Dublin, Galway, Mullingar, and Monaghan on behalf of receivers Duff & Phelps and Mazars for a single banking institution.

The so-called Project Steel portfolio, which also includes some offices and retail warehousing, is available by private treaty in one lot. Should it sell for its quoted price, the buyer will secure a net initial yield of 16.46 per cent after typical purchaser's costs of 4.46 per cent are taken into consideration.

Twenty of the Project Steel properties are within three industrial estates. The entire portfolio extends to 36,262sq m (389,670sq ft), with individual units varying in size from 266.34sq m (2,867sq ft) to 9,290sq m (100,000sq ft).

It is currently producing a total rent roll of €2,321,769 per annum from tenants including Lidl, Next, Argos, the IDA and HSE. However, eight of the units are vacant.

Let to Lidl

Among the larger buildings in Project Steel is Unit 4A at Merlin Park Industrial Estate, Co Galway. The 1,533sq m (16,500sq ft) building is let to Lidl on a 25-year lease from 2008 and produces rent of €430,000. The 3,354sq m (36,102sq ft) Antaslis Building at Unit 11 in Century Business Park, Finglas, Dublin 11 is rented at €340,000 on a 20-year lease from 2006.

The sale also includes five units at Citylink Business Park, Old Naas Road, Dublin 12; one at Goldenbridge Industrial Estate, Inchicore, Dublin 8; four more units at Merlin Park Industrial Estate, Co Galway; one at the IDA Industrial Estate at Clonmore, Mullingar, Co Westmeath; Units 1-10 Monaghan Retail Park, Co Monaghan; and the "Old CPV Site" at Carn, Clones, Co Monaghan.