A private South African investor has paid €1.325 million for a fully let industrial investment at Airways Industrial Estate in Santry, north Dublin.
While the figure represents a 13 per cent premium on the €1.15 million which had been guided by agent Colliers when it offered Unit 23 to the market, the new owner is in line for a net initial yield of 6.52 per cent after standard purchaser’s costs of 9.96 per cent.
The purchaser secured ownership of the property in the face of competing offers from a number of primarily Irish investors.
Unit 23 comprises a purpose-built industrial facility extending to a gross external area (GEA) of 1,017sq m (10,950sq ft), with two-storey office accommodation to the front and warehouse space to the rear.
READ MORE
The property is fully let to Global Entserv Solutions Ireland Limited, a subsidiary of DXC Technology, a Fortune 500 global IT services leader.
The tenant has been in occupation for nearly 40 years and in May 2023 committed to a new lease at €95,000 per annum. The company’s commitment is underlined by the significant capital investment it has made in the property, which is used as a data centre and business-recovery suite.
Commenting on the sale, Stephen Conway of Colliers said: “The pool of buyers seeking investment opportunities underpinned by strong covenants at lot sizes below €3 million remains particularly competitive.”
The purchaser of Unit 23 was represented by Brian Gaffney of Murphy Mulhall.
