Building in Galway business park for sale for €4.7m-plus

Funds looking for a secure long-term property investment producing attractive returns can be expected to show interest in a modern commercial building in Galway rented by top US medical devices group Creganna.

Selling agent TWM is seeking in excess of €4.7 million for the modern building let to Creganna Medical Devices at an annual rent of €431,365. The new owner can bank on an initial return of 8.78 per cent after purchaser costs are taken into account. There are more than 24 years to run on the lease, which is subject to upwards-only rent reviews.

No 3 Parkmore West Industrial Estate is located in an IDA estate close to Galway city and with direct access to the Dublin and Limerick roads. The 6,894sq m (74,000sq ft) building has a sizeable tenant extension at first floor level and has been fitted out internally to include office accommodation, laboratory space and warehouse facilities.

Creganna Medical is ranked among the top 10 global companies in the medical device outsourcing industry. The company was acquired in 2016 by TE Connectivity, which is listed on the New York Exchange and had revenues of $12.2 billion in the same year.

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Michele Jackson of TWM said that with the benefit of upwards-only rent reviews and long-term income, she expects to see interest in the investment from a range of purchasers.