DescriptionThe property comprises a substantial warehouse facility with ancillary office accommodation.
The unit is of concrete/steel portal frame with concrete block infill walls, incorporating a concrete floor throughout. Lighting throughout the warehouse area is by means of hanging fluorescent lights. Goods access is provided by means of mixture of grade level doors & dock levellers with electrically operated roller shutter doors.
The original warehouse accommodation dates from circa 1980 and has been extended to the rear in more recent years. The property consists primarily of two large interconnected warehouse structures, a large yard/loading area and ancillary office accommodation situated at the front of the property over two floors. The office accommodation is largely open plan in nature but also benefits from a reception, meeting rooms, canteen area and male & female toilet facilities. Finishes to this section include solid floors with carpet and tile covering, plastered and painted walls, suspended acoustic tiled ceilings with inset fluorescent box lighting and spot lights.
The property has the benefit of ample car parking spaces to the front of the property.
The entire site extends to approx. 1.95 ha (4.82 acres) of which approx. 0.51 ha (1.27 acres) comprises a green field site.
The entire property is leased to Waterford Stanley Limited under a 20-year, upwards only (with CPI linked rent reviews), FRI lease from July 2007 at a passing rent of €504,730 per annum.
The lease has the benefit of a lease guarantor from AGA Rangemaster Group Limited (previously known as AGA Foodservices Group Plc).
We understand the subject property is held Long Leasehold.
The subject property is zoned Industrial under Waterford City Development Plan 2013-2019.
Offers are sought in the region of €4,000,000 (exclusive) which represents a net initial yield of 11.63% after the deduction of standard acquisition costs at 8.46%.
We understand that VAT will be applicable to the sale and transfer of business relief will apply.
FeaturesPassing rent € 504,730 per annum representing a net initial yield of 11.63%
Substantial industrial investment located in IDA Waterford Industrial Estate
Excellent unexpired term of approx. 8 years from Waterford Stanley Limited
Rent review in July 2022- CPI linked (upwards only)
Gross external area of approx. 7,597.8 sqm (81,782 sq.ft)
Ample car parking spaces
Entire site area of approx. 1.95 ha. (4.82 acres)
Potential for substantial redevelopment of site (subject to planning permission)
Tenant not affected
LocationThe subject property is located in the IDA Waterford Industrial Estate, which is accessed off Cork Road.
Waterford city is the country's fifth most populous city in the Republic with a population of approx. 53,504 persons (Source: Census 2016).
The IDA Industrial Estate is adjacent to the Waterford Institute of Technology, close to the Whitfield Clinic and east of Waterford Retail Park. There are a number of established industrial and business locations in the immediate area including Westside Business Park and Cleaboy Business Park.
As well as circumnavigating Waterford city, the Outer Ring Road also links the N25/N11, providing onward access to Dublin and Wexford to the north east and east respectively and Cork to the west.
Other occupiers in the industrial park include Nypro Healthcare, WorkLAB, Honeywell International Technologies Limited, Keltech, Waterford Enterprise Centre, Teva, Bausch & Lomb Ireland and Cartamundi Ireland Ltd to name a few.