Cork industrial unit at €5.2m offers potential yield of 7.24%
Wallingstown facility is producing annual rental income of €371,600
The Wallingstown facility is located just 2.5km east of both the Jack Lynch Tunnel and the M8
Competitive interest is expected from local, national and international investors in a modern warehouse and office facility in Cork that has been brought to market at a guide price of €5.2 million.
The property, at Wallingstown near Little Island, within close proximity to Cork city, the property comprises a detached standalone unit extending to 52,698sq ft. Positioned on site of four acres, the facility is leased for period of 10 years from February 2017 to Gaynor Pearse Motor Factors Unlimited Company, trading as J&S Automotive Distributors. The current effective rent is €371,600 per annum up to February 2027, with no break options in the lease.
The guide price of €5.2 million equates to an initial yield of 6.59 per cent, a reversionary yield of 7.24 per cent and a capital value of €98 per square foot, according to the selling agent, Savills.
The subject property is constructed of steel frame with double-skin insulated architectural metal deck cladding to the elevations all under a double-skin insulated metal deck roof. The property has four grade level doors and one dock leveller (with capacity for further dock levellers). The site offers excellent potential for expansion to the north and west of the existing building, subject to planning permission. The property also includes office accommodation to the front of the building over two floors with pedestrian access directly from the car park.
Located immediately south west of Little Island, and southeast of Cork city. the facility sits on the southern side of the R623, 2km south of the N25, and 2.5km east of both the Jack Lynch Tunnel and M8 Cork-Dublin road network.