Landmark Miele building has guide price of €7.35m

By Maurice Garvey

A LANDMARK building in Citywest with prime frontage to the N7 motorway is on the market for a guide price of €7.35 million.

The commercial property investment on the Naas Road contains the headquarters of German manufacturer Miele Ireland and a United Drug warehouse.

pg 20 Miele09

Tenants are not affected by the sale.

Agents TWM have a guide price of €7.35 million, which will show a net initial yield of 7.2 per cent and a capital value of €149 per sq ft.

The site has a total passing rent of €575,000 per annum.

The high-profile site extends to 1.21 hectares and is one of only four Citywest businesses fronting on to the busy N7 motorway.

It adjoins printing presses operated by Independent News & Media, Eircom Ltd, and has an exit from the N7 via Bianconi Avenue.

The 67 surface car parking spaces beside the building can be extended further.

Miele occupies the two-storey office building, including its well-known “Experience Centre”, under a 25-year lease that will run until 2033. There is an outstanding rent review due since May.

The current rent of €410,000 has the advantage of a parent company guarantee. The two-storey building has an overall floor area of 1,777sq m (19,127sq ft), combining open plan and cellular offices, raised access floors and air conditioning.

United Drug (Wholesale) Ltd uses the entire warehouse of 2,813sq m (30,278sq ft) for both storage and distribution purposes. It occupies the premises under a one-year lease from July 2016, at a passing annual rent of €165,000.

The tenancy is determinable by three calendar months notice from either the landlord or the tenant.

Prev Danger of ‘glut of apartments and another housing bust’
Next Greenpark FC founder had a passion for football

  • Echo Sports 2020 January Team of The Month - Griffth College Templeogue
  • January 2020 Sports Star of the Month – Ellen Walshe
  • Inspiring The Future Ireland
  • Stephen Bradley and Jack Byrne look forward to 2020 season
  • The 2020 Echo Sports Awards Launch

We use cookies to improve your experience on our site, personalise content, provide social media features, analyse our traffic, show you relevant advertising and to target and report on ads. By using the site, you consent to the use of cookies that may process personal data for these purposes.