The 999-year leasehold interest in a large industrial facility in Dublin 15 is new to the market this week at more than €8.75 million through agent Cushman & Wakefield.
Unit 1 at Stadium Business Park is let to Viking Direct on a 20-year lease from August 2007 at a rent of €743,517 per annum with a tenant break option in November 2020.
Established in 1960, Viking Direct is an office stationary supplier and forms part of Office Depot, a global office supplying retail company. The asking price and rent would reflect a net initial yield of about 7.83 per cent which breaks back to a capital value of €1,205.55 per sq m (112 per sq ft).
Viking has sub-let the entire building to General Logistics Systems Ireland from September 2009. This lease expires on June 27th but there is an option to extend until June 26th, 2020.
Unit 1 is a modern high-bay twin-span warehouse with eight dock levellers. It sits on a site of 3.5 acres and extends to 7,236sq m (77,883sq ft).
Stadium Business Park offers easy access to the M50, M2 and M3 road networks, and is in one of the capital’s most established logistics locations.
