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Agent CBRE is quoting €4.5 million for a fully-let scheme of industrial units at Clonshaugh Business and Technology Park in Dublin 11 which would reflect a net initial yield of 7.45 per cent.
Called Willsborough Enterprise Centre, it includes nine industrial units in two blocks and is producing a rent roll of €363,385 per annum. Tenants include Velux, Vernon Catering, IT Group, Telent Technology and IQOR Group, and there is a weighted average unexpired lease term of 5.45 years.
The centre extends to 3,496sq m (37,630sq ft) and the units range from 321-570sq m (3,457-6,135sq ft).
Willsborough was developed in the 1990s by Rohan Holdings, a company well known in the business park/industrial sector, and benefits from close proximity to the M50, M1 and Dublin Airport.
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The guide price equates to an asset value of €1,287 per sq m (€120 per sq ft) – well below the comparable level of 1,938 per sq m (€180 per sq ft) for new-build space.
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