The sale of 13 fully let units in a north Dublin business park is likely to draw strong interest from investors looking for asset management opportunities, as well as potential for redevelopment.The units, at KVS Business Park in Balbriggan, are being brought to the market by Harvey, with an asking price of €4.5 million.The scheme, which comprises 3,355sq m (36,110sq ft) in two modern blocks of 13 units, is fully let to eight tenants. The tenants are not affected by the sale. It is currently producing annual rental income of €319,700, indicating a net initial yield (after costs) of 6.5 per cent, and a capital value of €125 per sq ft.Some 43 per cent of rental income comes from An Post, as it operates a delivery centre from units three-six. Three of the units have outstanding rent reviews, which, according to agent Harvey, will allow the new owner to see an immediate rental uplift. Kevin McHugh of Harvey said: “It is rare that an entire development of units comes to the market. This offers investors a wide range of asset management opportunities through rent reviews, re-lettings, potential common area improvements, building refurbishment and possible future redevelopment.”KVS Business Park is one of three neighbouring developments of small, industrial, warehouse and office units that accommodate a wide range of businesses. Unit sizes range from 157- to 466sq m (1,687- to 5,020sq ft), except for the An Post facility, which measures 1,362sq m (14,664sq ft), and the gated development offers a very generous level of car parking and loading space.The vacancy rate for such units in Balbriggan is “negligible”, according to the selling agent. Located within a short walk of the town centre, the business park is also within a five-minute drive of Junction 6 on the M1 Motorway.
Entire development of 13 fully let industrial units in Balbriggan for €4.5 million
With scheme fully let to eight tenants including An Post, sale offers asset management potential
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