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.

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