An attractive industrial-led investment opportunity, with significant rental growth potential, is coming to the market in Swords Enterprise Park quoting €17 million.
The sale of a controlling interest at the north Dublin business park, comprising a portfolio of 61 enterprise units contained within a larger development of 72 units overall. The guide price equates to a net initial yield of 8.1 per cent, after the deduction of standard purchasers’ costs. Selling agent TWM suggests there is an opportunity to “significantly increase” this return to close to 10 per cent, through active asset management.
Adjacent to the M1, and offering easy access to the M50, Dublin Airport and Port Tunnel, the scheme was originally developed in 2007. The units included for sale extend to more than 7,246sq m (78,000sq ft), with tenants including Fingal County Council, Newport Pharmaceuticals and Quay Logistics.
The scheme is a mixture of enterprise business units and the much sought after modern industrial warehouses. It is situated on a site of about 2.78ha (6.89 acres), and the units comprise a combination of light industrial and workspace/office buildings.
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The light industrial units feature brick facades and profile metal cladding while the workspace units feature an attractive yellow brick exterior, complemented by areas of plastered and painted render. The current passing rent of the portfolio is more than €1.5m a year, but TWM says the potential for rental growth is “significant”, due to the demand for quality commercial spaces in the area and the positive rental outcomes. The units in sale are 95 per cent leased.
Willie Norse, managing director at TWM, said: “This sale represents a rare opportunity to acquire the controlling interest in an established enterprise park in a strategically important location. The high occupancy levels and positive letting outcomes showcase the tenant demand for the asset and location, providing an investor with the opportunity to drive further rental growth and returns.”
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