Colliers has been instructed to sell 2050 Orchard Avenue, Citywest Business Campus.
Built in 2008 by Davy Hickey Properties Limited and acquired by Henley Bartra in 2018, the multi-let investment comprises nine modern purpose-built office and light industrial units across two blocks.
The nine units extend to 4,121 sq m (44,358 sq ft) with 102 car parking spaces, are fully let to a mixture of national and international tenants including Oradeo, euNetworks, Fitzers, TDS, Aeolus Engine Services and KCI Medical (acquired by 3M in 2019).
All units are finished to a high standard throughout. The warehouse has an eaves height of approx. 7m, and access is via automated roller shutter doors. The offices are over two storeys and all tenants have carried out extensive fit-outs, underpinning their commitment to 2050 Orchard Avenue.
Producing a rental income of €730,674 per annum, with a WAULT of 4 years. 36% of the rental income is derived from TDS and 25% from 3M, the balance of the income is from the remaining four tenants.
Citywest Business Campus is a world class managed Business Campus conveniently located adjacent to the N7 motorway just 4km’s south west of the M50 motorway providing direct access to Dublin International Airport and all arterial routes leading from the city centre.
Michele McGarry, Colliers, who is handling the sale advised “We expect strong interest from investors in 2050 Orchard Avenue, given the quality of the buildings and tenants located in the renowned Citywest Busines Campus home also to United Drug, SAP, Pfizer, Adobe and Eir. Furthermore, the opportunity to acquire Warehouse accommodation in CityWest will be of particular appeal to investors given the current demand for this sector and the extreme scarcity of stock”.
Colliers are guiding €9,300,000 which equates to a NIY of 7.14% and Capital Value of €210 per sq ft after allowing for standard purchaser’s costs of 9.96%.