Two Naas Enterprise Park units for €2.5m – Independent 8 Sept 2016

TWM Property Solutions are seeking in excess of €2.5m for two units at Naas Enterprise Park (formerly Toughers Business Park) in Co. Kildare.

Located just off junction 10 of the M7 motorway and 30km from the M50, the business park is acknowledged as a prime national logistical location.

The units on offer – L2 and M1 – are currently producing a combined rental income of €284,276 per annum, which equates to a blended net initial yield of 10.89pc and a capital value of €58 per sq ft.

The two adjoining units are well let to single tenants and may be purchased as a single lot or individually.

Unit L2 is let to DSG Packaging Ltd. until 2023 with an annual rent of €170,000. The detached industrial/warehouse extends to approximately 34,000 sq ft with an additional 11,123 sq ft at mezzanine level.

The property incorporates two storeys of office accommodation to the front elevation with warehouse space to the rear. The building is fitted out to a high specification with ample parking and circulation space on the generous site.

Unit M1 is let to Roadbridge until 2020 at an annual rent of €114,276 per annum. The property provides predominantly office accommodation and extends to approximately 9,250 sq ft over two storeys. To the front there is good car parking and profile on to the estate road, with further car parking and yard space to the rear.

Naas Enterprise Park comprises approximately 1.5 million sq ft with the 100 units home to well-established occupiers such as DSV, the HSE, Primark, Dominos Pizza, Nationwide Tiles & Bathrooms, a BMW showroom and an NCT Centre.

The scheme is on the southern side of the R445 from Naas to Newbridge and sits adjacent to Ladytown Business Park.

Given its close proximity to the national road network and to the prosperous commuter towns of Naas and Newbridge, the development is well-positioned for further growth, according to selling agents TWM Property Solutions.

TWM’s Benjamin Haythornthwaite expects the units at Naas Enterprise Park to attract a range of potential buyers.

He said: “We would expect strong interest from private investors, both Irish and overseas, and some smaller funds. There have been significant works completed, at a considerable cost to the tenants which will give potential purchasers confidence, especially with the net initial yield of 10.89pc.”

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