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Unit 401 IDA Waterford Industrial Estate, Cork Road, Waterford

Investment Property (7597.8 sqm) For Sale by Private Treaty
of

Price Guide price €4,000,000

Features

  • 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

Location

The subject property is located in the IDA Waterford Industrial Estate, which is accessed off Cork Road.

Waterford city is the country’s fifth most populous city in the Republic with a population of approx. 53,504 persons (Source: Census 2016).

The IDA Industrial Estate is adjacent to the Waterford Institute of Technology, close to the Whitfield Clinic and east of Waterford Retail Park. There are a number of established industrial and business locations in the immediate area including Westside Business Park and Cleaboy Business Park.

As well as circumnavigating Waterford city, the Outer Ring Road also links the N25/N11, providing onward access to Dublin and Wexford to the north east and east respectively and Cork to the west.

Other occupiers in the industrial park include Nypro Healthcare, WorkLAB, Honeywell International Technologies Limited, Keltech, Waterford Enterprise Centre, Teva, Bausch & Lomb Ireland and Cartamundi Ireland Ltd to name a few.

Full Description

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.

Zoning

The subject property is zoned Industrial under Waterford City Development Plan 2013-2019.

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%.

VAT

We understand that VAT will be applicable to the sale and transfer of business relief will apply.

Viewing Details

By special appointment with the sole letting agent, Lisney.

Accommodation

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

     

    Description

    GEA Sq.m

    GEA Sq.ft

    Warehouse

    6,069.6

    65,333

    Office

    1,525.2

    16,449

    Total

    7,597.8

    81,782


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

     

BER Details

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

Contact Details

Address: St Stephen's Green House, Earlsfort Terrace, Dublin 2
Telephone: +353-1-638 2700 or you can also email us at dublin@lisney.com

Lisney for themselves and the Vendor/Lessor whose Agents they are give notice that:

1. These particulars do not constitute any part of an offer or contract.

2. All statements contained in these particulars as to this property are made without responsibility on the part of the Agents or the Vendor/Lessor and none of the statements contained in these particulars as to this property are to be relied on as statements or representations of fact.

3. The particulars, various plans, photographs, dimensions, references to condition and permissions for use and occupation  are given in good faith and are believed to be correct but their accuracy is not guaranteed and any intending Purchasers or Tenants shall satisfy themselves by inspection or otherwise as to correctness of each of them. No omission, accidental error or misdescription shall be ground for a claim for compensation or for the rescission of the contract by either the Vendor/Lessor or the Purchaser/Tenant.

  4. Neither the Vendor/Lessor nor Lisney nor any person in their employment has any authority to make or give any representation or warranty whatever in relation to the property. 5. Prices are quoted exclusive of VAT (unless otherwise stated) and all negotiations are conducted on the basis that the Purchaser/Tenant shall be liable for any VAT arising on the transaction. PSRA No. 001848.

Please note we have not tested any apparatus, fixtures, fittings, or services. Interested parties must undertake their own investigation into the working order of these items. All measurements are approximate and photographs provided for guidance only.