The hugely-successful Rye River Brewing Company has secured €3.33 million from the sale of its headquarters and production facility in Celbridge, Co Kildare.
The sale-and-leaseback transaction, which was handled by Aoife Murray of Colliers International, will see the purchaser, a private Irish investor, secure a net initial yield of 7.1 per cent.
Two leases are in place. Rye River Brewing Company operates its state-of-the-art brewery from the premises and occupies the ground-floor offices and warehouse by way of a nine-year internal repairing and insuring lease from October 2019 at a rent of €176,000 per annum.
Rye River Brewing Company was the world’s most decorated independent craft brewery after winning 21 awards at the world beer awards in 2019. The company employs 53 people to produce beers under its flagship brands McGargles, Crafty Brewing Company, Grafters, Solas, Rye River and Rye River seasonal. It supplies exclusive craft beers to some of Ireland’s largest retailers and its brews are also exported to 26 markets worldwide.
Rent review
VWS (Ireland), trading as Veolia Water Technologies, occupies offices on the first floor by way of a 10-year lease from January 2018, at a rent of € 84,000 per annum. The lease provides for an open-market rent review at year six and the tenant has the benefit of a break option at the end of years five and seven, subject to six months’ written notice.
The property is on a 4.9-acre site and comprises a 5,667sq m (61,000 sq ft) detached light industrial building with two-storey office accommodation to the front and a substantial warehouse to the rear where the brewery is located. The property boasts extensive frontage on to the Dublin Road.
Commenting on the completion of the sale, Ms Murray, associate director at Colliers International, said: “We were delighted with the level of interest generated throughout the marketing period, with pricing reflecting the reversionary potential and also the lack of good-quality industrial stock.”
