A high-quality logistics facility rented by Coca Cola HBC at Huntstown Business Park, Ballycoolin, Dublin 15, goes for sale today at €10.1 million which will give the next owner a net initial yield of 6 per cent.
Agents CBRE and JLL are handling the sale of the logistics and office buildings which are rented under two separate 25-year leases from August 2010. The office is used as Coca Cola’s Irish headquarters and the company is planning to sublet the warehouse because it no longer complies with its business model. The combined rent is €632,846.
The detached office block has a floor area of 3,128.7sq m (33,677sq ft) and 114 surface car park spaces. The logistics unit features a 10m eaves height, 10 loading bays and two-storey ancillary offices extending to 7,298sq m (78,55sq ft).
There are no break options in the leases and 19 years to run with upwards-only rent reviews every five years.
Colm Luddy of CBRE said it was rare enough that investors had the opportunity to acquire a "prime office and logistic investment let to a strong covenant with a long unexpired term".
The joint agent Brian Shields of JLL said that with industrial and suburban office rents continuing to improve, it expected demand from both Irish and international investors seeking long-term stable income with reversionary potential.
