Bray industrial facility at €550k offers buyer 8% net initial yield
Southern Cross Business Park unit fully let to Butler’s Pantry on 10-year lease
Units 16 & 17, are located in Block D at Southern Cross Business Park in Bray
Agent Colliers International is guiding a price of €550,000 for a fully-let investment property at Southern Cross Business Park in Bray, Co Wicklow.
The subject property is fully let to The Butler’s Pantry Holdings Limited, trading as The Butler’s Pantry, by way of a 10-year full repairing and insuring lease from May 2018, at a rent of €48,000 per annum. The company operates its kitchen facility from the premises , supplying its nine Dublin stores.
The lease provides for both an open-market rent review and break option at year five, which is subject to nine months prior written notice. The guide price equates to a net initial yield of 8.05 per cent, after allowing for standard purchaser’s costs of 8.46 per cent.
Units 16 and 17 comprise two adjoining light-industrial/manufacturing units, of steel portal frame construction, with concrete block walls and profiled metal cladding under a twin-skin metal deck roof. The warehouse/production areas have block infill walls to full height and suspended bay halogen lighting, together with three-phase power, reinforced concrete floors and electric loading doors. The office accommodation meanwhile is finished to a high standard, with suspended ceiling tiles, carpet-covered floors and inset fluorescent lighting.
Southern Cross Business Park is a highly-accessible location, close to Bray town centre, and just five-minutes’ drive from the N11/M11 motorway.