Pan-European investor and asset manager M7 Real Estate has bought the Westlink industrial estate in Dublin 10 for €13,870,000.
The large, multi-let industrial estate on Kylemore Road in Ballyfermot was acquired from a private investor in an off-market transaction that equates to a value of 72.36 per sq ft and reflects a net initial yield of just under 7 per cent.
Westlink is about 7.5km west of Dublin city centre and 3km from Junction 9 (Red Cow) of the M50. It has 31 industrial units and extends to a combined 17,837sq m (192,000sq ft).
M7 is planning “extensive upgrade works” at Westlink to enhance the estate and bring newly refurbished space to the market. The vacancy rate at Westlink is 22 per cent but the new owner says refurbished units will be available to let from the first quarter of next year through letting agents JLL and CBRE.
John Murnaghan, head of UK and Ireland real estate at M7, says Westlink offers "a great value-add opportunity to apply an extensive programme of upgrade works across the remaining vacant units to further enhance the quality of the estate, improve occupancy levels and rapidly secure rental growth".
Westlink, which at 32 years old is one of Dublin's longest-established business parks, was sold by Irish Life for more than €7.5 million in July 2016 to Irish-based development and investment group Ardale Property and the UK's C2 Capital.
