Henley Bartra seeks €9.3m for Citywest offices and warehouse
Joint venture involving developer Richard Barrett acquired 2050 Orchard Ave in 2019
3M accounts for some 25% of the rental income at 2050 Orchard Avenue, Citywest Business Campus. Photograph: Alex Urdaneta
Henley Bartra, the joint venture between Henley, the global private equity real estate investor, and developer Richard Barrett’s Bartra Capital, will be hoping the prospect of a 7.14 net initial yield supported by a strong tenant line-up will help to drive the sale of a multilet investment they are bringing to the market at Citywest Business Campus in Dublin.
Having acquired 2050 Orchard Avenue as part of its wider €125 million purchase of some 500,000sq ft office and data centre assets in Dublin and Cork in May 2019, Henley Bartra has instructed agent Colliers to offer the Citywest property for sale at a a guide price of €9.3 million.
The Orchard Avenue property comprises nine modern purpose-built office and light industrial units distributed across two blocks extending to a total area of 4,121sq m (44,358sq ft), along with 102 car parking spaces. The investment is fully let to a mixture of domestic and international occupiers including Oradeo, euNetworks, Fitzers, TDS (recently acquired by ACRE ), Aeolus Engine Services and KCI Medical (acquired by 3M in 2019).
The units are producing a combined rental income of € 730,674 per annum, with a weighted average unexpired lease term of four years. A total of 36 per cent of the rental income is derived from TDS and 25 per cent from 3M, with the balance of the income coming from the remaining four tenants.
All units within the portfolio have been finished to a high standard throughout. The warehouse has an eaves height of 7m and access is via automated roller-shutter doors. The offices are over two storeys and all tenants have carried out extensive fitouts.
Michele McGarry of Colliers says: “We expect strong interest from investors in 2050 Orchard Avenue . . . given the current demand for this sector and the extreme scarcity of stock in Dublin.”