RS-WS2
Sale Agreed

Unit 401 IDA Waterford Industrial Estate, Cork Road,

Co. Waterford, X91 DR76
7,597.8 0 SQ.M
Investment Property

Property Overview

The property comprises a substantial warehouse facility with ancillary office accommodation.

The unit is of concrete/steel portal frame with concrete block infill walls, incorporating a concrete floor throughout. Lighting throughout the warehouse area is by means of hanging fluorescent lights. Goods access is provided by means of mixture of grade level doors & dock levellers with electrically operated roller shutter doors.

The original warehouse accommodation dates from circa 1980 and has been extended to the rear in more recent years. The property consists primarily of two large interconnected warehouse structures, a large yard/loading area and ancillary office accommodation situated at the front of the property over two floors. The office accommodation is largely open plan in nature but also benefits from a reception, meeting rooms, canteen area and male & female toilet facilities. Finishes to this section include solid floors with carpet and tile covering, plastered and painted walls, suspended acoustic tiled ceilings with inset fluorescent box lighting and spot lights.

The property has the benefit of ample car parking spaces to the front of the property.

The entire site extends to approx. 1.95 ha (4.82 acres) of which approx. 0.51 ha (1.27 acres) comprises a green field site.

Tenancy

The entire property is leased to Waterford Stanley Limited under a 20-year, upwards only (with CPI linked rent reviews), FRI lease from July 2007 at a passing rent of €504,730 per annum.

The lease has the benefit of a lease guarantor from AGA Rangemaster Group Limited (previously known as AGA Foodservices Group Plc).

Tenure

We understand the subject property is held Long Leasehold.

Price

Offers are sought in the region of €4,000,000 (exclusive) which represents a net initial yield of 11.63% after the deduction of standard acquisition costs at 8.46%.

The property comprises a substantial warehouse facility with ancillary office accommodation. The unit is of concrete/steel portal frame with concrete block infill walls, incorporating a concrete floor throughout. Lighting throughout the warehouse area is by means of hanging fluorescent lights. Goods

  • Passing rent € 504,730 per annum representing a net initial yield of 11.63%
  • Substantial industrial investment located in IDA Waterford Industrial Estate
  • Excellent unexpired term of approx. 8 years from Waterford Stanley Limited
  • Rent review in July 2022- CPI linked (upwards only)
  • Gross external area of approx. 7,597.8 sqm (81,782 sq.ft)
  • Ample car parking spaces
  • Entire site area of approx. 1.95 ha. (4.82 acres)
  • Potential for substantial redevelopment of site (subject to planning permission)
  • Tenant not affected

Accommodation

All interested purchasers are specifically advised to verify the floor area and undertake their own due diligence.

BER No. 800687493
Energy Performance Indicator: 166.55 (kgCO2/m2/yr) kWh/m2/yr

The approximate gross external area (GEA) is as follows:

DescriptionGEA Sq.mGEA Sq.m
Warehouse6,069.665,333
Office1,525.216,449
Total7,597.881,782

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RS-WS2