Guide price of €28.5m for industrial properties

By William O'Connor

A GUIDE price of €28.5 million for a portfolio of four of the highest quality industrial and logisitics investments available in Dublin include properties in Greenogue Business Park.

The portfolio extends to 19,823 sq. m and is currently generating a total rent roll of €1,711,044 per annum exclusive.

greenogue DJI 0255 compressor

The PRL Group occupy a property in Greenogue

 

The four assets include Block S Greenogue Business Park extending to 14,377 sq. m., Unit 519 Greenogue Business Park extending to 2,339 sq. m., Unit 3/4 North Park extending 1,916 sq. m. and Unit 5 North Park extending to 1,191 sq. m.

The portfolio is fully let to three top calibre tenants with the PRL Group Unlimited occupying both Greenogue properties; Block S and Unit 519 Greenogue Business Park on two 35-year leases from June 2016. 

They are currently producing a combined rent of €1,468,544 per annum, which represents 74% of the portfolio’s total rent roll. PRL’s next break option is in June 2036 for both properties.

Crown Records Management Ltd. occupy Unit 3/4 North Park on a 25-year lease from June 2004 currently producing €157,500 per annum, with an outstanding rent review as of June 2019 and the next break option is in June 2024. Systemplus Elements Ltd. occupy Unit 5 North Park on a 20-year lease from September 2015 currently producing €85,000 per annum with the next beak option in September 2025. The portfolio WAULT is 15.03 years as of 1st October 2019 including rent reviews.

Importantly, the portfolio offers an investor significant reversionary potential with substantial guaranteed rental uplifts upon the first rent review for both PRL properties with considerable rental uplifts expected on both the North Park properties upon next review.

Garrett McClean Executive Director of CBRE stated; “The Compass Portfolio represents a fantastic opportunity for an investor to secure scale and quality product with significant rental uplifts upon the first rent review for both PRL units along with substantial rental uplifts expected on both the North Park units. Prime industrial yields in the capital are currently 5.1% and are likely to trend stronger into the next few quarters.

“With the lack of similar prime logistics opportunities and a solid rental growth expectation in the sector, we’re expecting strong interest in the portfolio, particularly given the unusually long WAULT of over 15 years.”

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