£7m sought for industrial portfolio in Sandyford

The Gunne estate agency is seeking £7 million for an industrial investment portfolio at Heath Road, in the Sandyford Industrial…

The Gunne estate agency is seeking £7 million for an industrial investment portfolio at Heath Road, in the Sandyford Industrial Estate, Dublin 18. The four units are producing a rent roll of £462,000, giving a yield of 6.6 per cent. The portfolio is owned by Cavan developer P Elliott. All the leases provide for break options. General Motors Distribution is occupying a unit of 14,500 square feet at a rent of £171,000; Brooks Thomas occupies a building of over 24,000 at a rent of £150,000 but has the option of purchasing it for 9.5 times the yearly rent agreed at the second review. The American Embassy is paying £70,000 for a building of 12,500 square feet but when the current lease expires in 2002 it can extend the lease for a further 8.5 years at a fixed rent of £100,000 per annum. The fourth unit is rented at £65,000 by Helsinn Birex Pharmaceuticals, which has a break option in 2004.