Industrial buildings in D17 on offer for at least €5.7m

Four logistics buildings owned by Iput Property Fund at Willsborough Industrial Estate in Dublin 17 are to be offered for sale in one or more lots. Savills is seeking offers in excess of €5.7 million, which will equate to a yield of 6.5 per cent.

Willsborough Industrial Estate is 8.5km north of the city centre, and along with the neighbouring Clonshaugh IDA Park forms one of the most significant industrial hubs in the country.

The four industrial units going for sale extend to 4,300sq m (46,28 sq ft) and include 68 car parking spaces.

The tenants, Three, Virgin Media and Kedington Ltd, currently pay an overall rent of €402,500.

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Three, owned by Hutchison Holdings, occupies two adjoining units at a passing annual rent of €245,000 – 60 per cent of the overall income.

Kedington and Virgin Media Ireland occupy the other other units at a combined passing rent of €157,000. The leases have an average lease period to run of 4.4 years.

Shane Corby of Savills, who is handling the sale, said he expects strong interest in the portfolio given the excellent tenant line-up and secure income stream.