The latest opportunity presented by the recent appointment by alternate lender Relm Finance of receivers over 27 assets owned by a sub-fund of Mel Sutcliffe’s Goldstein Property ICAV has been brought to the market. The Arc portfolio, which is guiding at a price of €30 million through agent Harvey, offers the prospective purchaser a 5.6 per cent net initial yield and a reversionary yield of 7.6 per cent.
The sale of the portfolio comes just three weeks after another agent, JLL, offered five of the ICAV’s office investments in Dublin and Galway for sale at a combined guide of €8.45 million. Both sale processes are being conducted on behalf of receivers Interpath Advisory, and form part of a wider disposal of 27 properties, which also include the Israeli embassy’s former home, which it leased at 23 Shelbourne Road in Ballsbridge, Dublin 4.
The Arc portfolio briefly comprises 11 fully let, income-generating industrial properties positioned along the M50 motorway from Bray in north Wicklow to Swords in north Dublin. The portfolio is producing a current annual rent roll of €1,838,494, which is significantly below prevailing market levels, and has a weighted average unexpired lease term (WAULT) of five years and two months to the earliest termination, and six years and three months to lease expiry. All leases are full repairing and insuring (FRI).
The largest asset within the portfolio is the landmark Honda Distributors building situated overlooking junction 10 of the M50 in Ballymount and comprising 58,739sq ft. The property is fully let to Two Wheels Ltd, trading as Honda Distributors, with BSH Home Appliances Ltd occupying a portion as subtenant.
Other significant assets within the portfolio include the Ardmore Film Factory in Bray IDA Business Park (45,234sq ft), which is let to Ardmore Studios Ltd, and Unit 10 in Rosemount Business Park (34,562sq ft), which is let to Coll-8 Logistics (Ireland) Ltd.
The majority of the other assets are situated in prime and/or long-established Dublin industrial locations that include Greenogue Business Park, Robinhood Industrial Estate, Rosemount Business Park and Northwest Business Park.
Kevin McHugh of Harvey says: “A scarcity of industrial investment opportunities of scale during 2024 has left many investor mandates unfulfilled. The substantial and varied nature of this value-add portfolio, combined with the sector’s continued rental growth, is expected to appeal to a wide spread of investors.”
