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Units 5, 5A, 6, 7, 7A, 8 & 8A Donore Business Park, Drogheda, Co. Louth€3,000,000 C2

Investment Property 2890 m² / 31108 ft² For Sale

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Description

Excellent Industrial Warehouse / Commercial Investment Opportunity
(Tenants not affected)

Approx 2,890 sqm / 31,107 sq ft

Passing Rent: €220,000 per annum exclusive

INVESTMENT SUMMARY
Modern high specification Business Park units occupying a strategic location between M1 Motorway and Drogheda town centre.Easily managed investment with cross sector tenancies on FRI lease terms. Deeds of Renunciation in place.Passing Rent of €220,000 per annum with (part) built-in rental increase and reversionary income potential.Opportunity to acquire a prime portfolio of 7 no. Business Park units with excellent rental growth prospects in this highly connected business location – 25 minutes to Dublin Airport / M50. Vacant Possession available at future dates.Vacant Possession available at future dates.

LOCATION
Drogheda, the largest town in Ireland, occupies a strategic position along the important M1 / Dublin – Belfast economic corridor. The town has ease of access to Dublin city, Dublin Airport, the M50 and northwards to Belfast. Donore Business Park is located off the Donore Road between Drogheda town centre and the M1 which is accessed via Junctions 8 and 9. The immediate locality is Drogheda’s busiest business district outside of its town centre. Neighbouring commercial occupiers include Tesco Extra, FloGas, Drogheda Retail Park (Homebase, Argos, TK Maxx, Harvey Norman), Aldi, Lidl and the Beacon Clinic. Donore Business Park, itself, is home to Heatmerchants, Rawlplug Ireland, BTW Baths & Tiles, O’Reilly’s Glass, Bellew Electrical and the renowned Funtasia Leisure & Waterpark.

DESCRIPTION
Set within Donore Business Park and laid out in a U – shaped configuration, Units 5 & 5A comprise a pair of warehouse units situated directly opposite Units 8 & 8A, all of which are positioned perpendicular to Units 6, 7 & 7A running along the rear of the Park. These units are served by common areas owned by the management company which provide forecourt parking and generous circulation space for the ingress and egress of goods and customers.

Each unit incorporates a feature double height part glazed façade with an electric roller shutter door with attractive overhead canopy. Units are of steel portal frame construction with walls constructed from a combination of concrete block and metal deck cladding. Roofs are finished with metal deck cladding interspersed with infill natural light panels.

BER: C2 & G

COVENANTS
Cross business sector tenancies:

Nature’s Best Limited, one of Ireland’s largest producers of prepared salads & vegetables.

Rawlplug Ireland Limited, part of the Rawlplug Group, a global manufacturer of fixing solutions & tools.

The Home Renovation Centre, a one-stop shop for home renovations and remodelling.

MCB Electrical wholesale Limited, an independent service provider for fire & security solutions.

DP Gymnastics Limited, a local established gymnastics club.

Posh Pets Distribution Limited, a wholesale provider to the pet industry.

TITLE
This property is held long Leasehold (effectively Freehold)

SCHEDULE OF ACCOMMODATION
Unit 5                    415.0 sqm           4,467 sq ft

Unit 5a                  415.0 sqm           4,467 sq ft

Unit 6                    410.0 sqm           4,413 sq ft

Unit 7                    410.0 sqm           4,413 sq ft

Unit 7a                  410.0 sqm           4,413 sq ft

Unit 8                    415.0 sqm           4,467 sq ft

Unit 8a                  415.0 sqm           4,467 sq ft

Total                      2,890.0 SQM      31,107 SQ FT

TENANCY SCHEDULE
Unit 5:   
Tenant Lease - The Home Renovation Centre (Lease Guarantee)

Commencement - 02.06.2020

Lease Term - 4 years

Expiry - 01.06.2024

Break Clause - None

Passing Rent - €25,000 pa



Unit 5A:
Tenant Lease - MCB Electrical Wholesale Limited (Lease Guarantee)

Commencement - 20.12.2021

Lease Term - 4 years

Expiry - 19.12.2025          

Break Clause - None

Passing Rent - €30,000 pa


Unit 6 & 7:
Tenant Lease - Nature’s Best Limited

Commencement - 05.02.2022

Lease Term - 4 years & 9 months

Expiry - 04.11.2026

Break Clause - None

Passing Rent- €70,000 pa


Unit 7A:
Tenant Lease - DP Gymnastics Limited

Commencement - 01.03.2021

Lease Term - 4 years & 9 months

Expiry - 30.11.2026

Break Clause - None

Passing Rent- €35,000 pa



Unit 8:
Tenant Lease - Rawlplug Ireland Limited

Commencement - 01.12.2021

Lease Term - 4 years & 9 months

Expiry - 31.07.2026

Break Clause - None

Passing Rent- €35,000 pa



Unit 8A:
Tenant Lease - Posh Pets Distribution Limited

Commencement - 01.11.2021

Lease Term - 5 years

Expiry - 31.10.2026

Break Clause - None

Passing Rent- €25,000 pa / €27,500 pa @ 01.11.2023 / €30,000 pa @ 01.11.2024



TOTAL RENT: €220,000 PER ANNUM
Increasing to:
€222,500 p. a. (01.11.2023)
€225,000 p.a. (01.11.2024)

Negotiator

Gabriel O'Brien

BER Details

BER: C2

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