€8.5m for D15 warehouse/office HQ

Joint agents William Harvey & Co and Lisney are quoting €8.5m for a modern warehouse and office facility in Dublin 15. Should it make this price, the purchaser can secure a net initial yield of 7.6 per cent.

The property, being sold on the instructions of joint statutory receivers Neil Bannon and Paul Doyle, is at the entrance to Orion Business Campus in Ballycoolin, Dublin 15.

It is a bespoke corporate HQ facility which was constructed for the tenant (VWR International Ltd) and extends to 7,103sq m (76,454sq ft). The letting is guaranteed by VWR International LLC, a global laboratory supply and distribution business headquartered in Pennsylvania with over 8,000 associates in 35 countries and sales in excess of $4.1 billion in 2013.

The full repairing and insuring lease is for 25 years from October 2006. A deed of variation was executed in 2014 confirming an annual rent of €675,000 (exclusive), that the next rent review is October 2021 and that the next break option is in October 2027. As a result, there is a secured rental term of in excess of 12.5 years.

The property features a curtain wall glazed two-storey block of 3,003sq m (32,323sq ft) to the front which includes laboratories, offices and staff facilities. Fit-out includes majority air conditioning, raised access floors at first floor level, and a passenger lift.

An enclosed link way connects this area with a high bay warehouse of 4,022sq m (43,292sq ft). The warehouse has a manager’s office, staff facilities, a clear internal height of 10.5m (34 ft) and loading access via three dock levellers and three loading doors. These are all accessed from a secure service yard. The agents say that the long secure income stream from an excellent covenant, coupled with the quality of the facility, will appeal to pension funds, property companies, and private investors alike.