Award-winning Rye River Brewing Company premises guiding €3.3m
Kildare property is fully-let and delivering annual rental income of €260,000
Rye River Brewing Company and Veolia occupy the property on nine and 10-year leases respectively.
An opportunity to share in the success of the Rye River Brewing Company has arisen with the award-winning craft brewer’s premises being offered to the market by way of sale and leaseback at a guide price of €3.3 million.
Located on the Dublin Road in Celbridge, Co Kildare, the property is fully-let to two separate tenants. Rye River operates its state-of-the-art brewery from the ground-floor offices and warehouse by way of a nine-year full repairing and insuring (FRI) lease from October 2019, at a rent of € 176,000 per annum.
The office accommodation is finished to a high standard
The lease provides for an open-market rent review at year six and the tenant has the benefit of a break option at the end of year seven, subject to six-months’ written notice.
VWS (Ireland)trading as Veolia Water Technologies occupies the offices on the first floor and a small section of the warehouse by way of a 10-year lease from January 2018, at a rent of € 84,000 per annum. The lease provides for an open -market rent review at year six and the tenant has the benefit of a break option at the end of years five and seven, subject to six- months’ prior written notice.
The guide price of €,3.3 million equates to a net initial yield of 7.26 per cent and a capital value of € 54 per sq ft.
Rye River Brewing Company has the distinction of being world’s most decorated independent craft brewery
The subject property is located on a 4.9 acre site and comprises a 61,000sq ft detached light-industrial building with two-storey office accommodation to the front and a substantial warehouse to the rear where the brewery is located. The industrial unit is of steel-portal frame construction, with concrete block walls and profiled metal cladding under a twin-skin metal deck roof, incorporating perspex roof lights. The warehouse area provides block infill walls to full height and suspended bay halogen lighting, together with reinforced concrete floors and electric loading doors. The office accommodation is similarly finished to a high standard, with suspended ceiling tiles, carpet-covered floors and inset fluorescent lighting.
Rye River Brewing Company has the distinction of being world’s most decorated independent craft brewery after winning an unprecedented 21 awards at this year’s World Beer Awards.
The brewery employs a team of 47 to produce beers under its flagship brands, McGargles and Rye River Seasonal. As well as supplying craft beers to some of Ireland’s largest retailers, its brews are also exported to 25 markets worldwide.
Aoife Murray of selling agent Colliers International, says: “With an award-winning tenant in Rye River, easy access to both Celbridge and the M4, and extensive frontage onto the Dublin Road, this is a very exciting opportunity for a buyer.