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.
The two buildings were sold on the instructions of receivers Kieran Wallace of KPMG and Stephen Tennant of Grant Thornton.