News - Republic of Ireland

WhiteHeathera

The entire of White Heather Industrial Estate on Sotuh Circular Road in Dublin 8 and an adjoining three-bedroom house is being offered For Sale by Public Tender through joint agents Lisney and PALRE. 

Extending to approximately 6,740 Sq.M. on 1.15 hectares (2.84 acres) with 188m of canal frontage, the investment is currently producing rental income of €542,000 per annum from five tenants, including An Post, which operates a sorting office from its premises.

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Extending to approximately 6,740 Sq.M. on 1.15 hectares (2.84 acres) with 188m of canal frontage, the investment is currently producing rental income of €542,000 per annum from five tenants, including An Post, which operates a sorting office from its premises.

The WAULT (weighted average unexpired lease term) for the current income is 7.3 years (5.4 years to nearest break options).

The property should attract large private investors, property companies and funds seeking to diversify their portfolios. The adjoining period house (recently vacated) is expected to add approx €35,000 to the annual income stream and further rental increases are predicted in upcoming rent reviews within the estate in 2019 and 2020.

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The site is within 1km of St. James’s Hospital and the new National Children’s Hospital, The Coombe Women and Infants University Hospital, and Griffith College. With pressure intensifying to optimise the efficient use of scarce land resources located adjacent to bus and LUAS corridors and supporting facilities, this is one of the last remaining Inner City industrial estates.

The estate is zoned Z6 Employment / Enterprise in the current Development Plan. The first display of the next draft development plan for the area is due in three years.

The Department of Housing, Planning and Local Government last month published Draft Guidelines for Urban Development and Building Heights wherein it states that securing compact and sustainable urban growth means focussing on reusing previously developed “brownfield” land, building up infill sites, and either reusing or redeveloping existing sites and buildings, in well serviced locations, particularly those served by good public transport.

The joint agents are quoting a guide price of in excess of €7 million.

For further information, please contact Christopher Belton of Lisney’s Investment Department.

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