A large industrial manufacturing facility and adjoining site is for sale in Mahon Industrial Estate, Blackrock, Co Cork.
The investment comprises a large manufacturing warehouse facility extending to approximately 40,000sq ft on a site area of 3.11 acres. Accommodation includes a large, open plan warehouse with ancillary offices, staff canteen, toilets, shower room and gym located around the perimeter of the property.
To the rear, the property benefits from a large yard providing good circulation space, car parking, a storage unit and a secure compound with controlled vehicular access. In addition to the rear yard and contained within the site, the property comprises a site due east of the building extending to about 0.5 acres which could provide for further expansion or development, subject to planning permission.
The building is occupied in full by a world leading maintenance, repair and overhaul service provider to the aviation industry, specialising in aircraft engines, components and airframes. The tenant is not affected by this investment sale and is in occupation on the basis of a 20-year lease from February 1st, 2012 which will expire on January 31st, 2032. The tenant break option in 2017 was not exercised.
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The current annual rent is €145,475 exclusive of commercial rates, utilities or other occupancy costs such as insurance which are the responsibility of the tenant. The rent is subject to a fixed uplift and will increase to €167,269.25 annually from February 1st 2027.
Mahon Industrial Estate is conveniently located off the Skehard Road just 4km from Cork city centre and is situated next to the N40 south ring road, close to the Jack Lynch Tunnel and Dunkettle Interchange. The area is well serviced by public bus routes and the Mahon Greenway. Adjoining occupiers in the park include Wasp Technologies, Mini Storage Mahon, Acorn Business Centre, SimoTech, Tandem PM, HSE and Nurture Childcare.
Sales agents Peter O’Flynn and Siobhán Young of Cushman & Wakefield Cork are guiding in excess of €2,950,000 for the investment.
“Mahon Industrial Estate has traditionally been one of the prime commercial/industrial areas of Cork city,” said O’Flynn, “and continues to be one of the main areas of employment with good levels of public transport and access to all the main road networks, including the south ring road and Jack Lynch Tunnel. Vacancy rates for industrial/manufacturing space are at an all-time low, currently below 3 per cent net, and with prime rents more than €13 per sq ft it can be clearly seen the property is significantly under rented. This building will revert to open market rents in six years when the current lease will be due for renewal.”
Young added: “The property provides for an attractive industrial investment with a fixed rental uplift to €167,269.25 in 2027 and six years term certain to lease expiry date. On a long-term view, Mahon is an established and well connected suburb of Cork city and the property is well suited to a variety of alternative uses or redevelopment should it ever become vacant given it’s location and proximity to all major amenities, services and transport routes.”
For further information contact Cushman & Wakefield Evolve, 89/90 South Mall, Co Cork at 021 427 5454, email peter.oflynn@cushwake.ie or siobhan.young@cushwake.ie or click here.
