Joint selling agents TWM and Cushman & Wakefield have completed the sale of two adjoining industrial at Airways Industrial Estate in Santry, Dublin 17, for €3.21 million.
The purchaser, Yew Tree Commercial Property Fund, is guaranteed a nine-year income stream from Essentra Packaging Ireland Ltd before it has a break option in the 10th year of the lease. The initial yield will work out at 8.95 per cent.
Essentra occupies both buildings extending to 8,172sq m (87,969 sq ft) on two 15-year leases with break options in year 10. A rent of €300,000 applies in years one to four and €320,000 from year five. There will be open-market reviews every five years, starting in 2020. The current rent works out at €3.41 per square foot
Ollie Lyons of TWM reported strong interest in the investment in line with the increasing weight of money looking at industrial investments.