Business park building in Galway for €3.75m
The warehouse and offices at Parkmore Business Park West measure 5,006sq m
Building 5 at Parkmore Business Park West in Galway city
A Galway industrial building let to a global leader in medical technology is new to the investment market this week.
Savills is quoting €3.75 million for Building 5 at Parkmore Business Park West which is on the eastern approaches to the city. This would represent a net initial yield of 10.56 per cent and a capital value of €753.50 per sq m (€70 per sq ft).
It is fully let to Medtronic under two leases with a weighted average unexpired lease term of 2.3 years. The passing rent comes to €413,551.
This modern industrial building extends to 5,006sq m (53,884sq ft) and comprises a detached warehouse with ancillary office accommodation.
It is on a site of 1.05 hectares (2.60 acres) with ample car-parking.
Parkmore Business Park West is one of the top industrial and logistics locations in Galway.
It offers easy access to the N6/M6, N17 and N18 road network which link with Dublin, Sligo, Limerick and Cork.
Paul Callanan of Savills says the sale also offers “future asset-management opportunities with potential for restructuring of the existing lease to extend the term”.