US real-estate firm Kennedy Wilson has engaged CBRE to find a buyer for a prime industrial investment at Greenogue Business Park in Rathcoole, Co Dublin.
Extending to a total area of 4,046sq m (43,551sq ft) and sitting on a 1.75-acre site, Units 502B and C come for sale at a guide price of €10.5 million, which reflects a net initial yield of 5.2 per cent.
The two units are leased to Capital Switchgear Limited, a data centre industry specialist, on two co-terminus 20-year FRI leases from March 2025, with break options in year 10 and a WAULT of 9.6 years to break. The investment is generating annual rental income of €598,827, which equates to €13.75 per square foot.
The property is of a high specification having undergone an extensive refurbishment programme earlier this year. The two units each come with a 12.5m clear internal height, three dock levellers, two grade-level doors, 40m yard depths and 71 car-parking spaces in total.
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In terms of their sustainability, the units have secured an A3 Ber rating following the installation this year of features such as PV solar panels, VRF air conditioning and LED lighting. The properties have also had their roofs and facades upgraded and their offices freshly fitted out.
Greenogue Business Park is located just two minutes’ drive from the N7 and about seven minutes’ drive from the M50 motorway, The N7 corridor has long been established as one of the most sought-after locations for those engaged in the industrial and logistics sectors. The wider Dublin logistics market meanwhile continues to perform strongly with prime rents now being forecast to reach €14.50 per square foot by the end of this year. Prime yields remain stable at 5 per cent.
Will Heffernan of CBRE says: “Greenogue Business Park remains a key logistics hub for occupiers seeking proximity to major transport routes. This asset’s high-quality refurbishment and ESG credentials will appeal to institutional and private investors seeking future-proofed logistics investments in Dublin’s most active logistics corridor.”
