Cushman & Wakefield is launching the sale of Building 1, Parkmore West, Galway with a guide price of €7.5 million which reflects a net initial yield of 6.30 per cent and a capital value of €121 per sq ft.
It is located within Galway’s premier business park, Parkmore, approximatley 6.5km east of Galway city centre. Parkmore is well established as a manufacturing, life sciences and technology hub with occupiers within the park including Medtonic, TE Connectivity and Merit Medical and has a 100 per cent occupancy.
Building 1 is a modern manufacturing and warehouse unit extending to a total gross external area of approximately 5,751sq m (61,903sq ft ). Loading access is via one dock leveller and one grade level door. There are approximatley 70 car parking spaces located to the side of the building on a total site area of approximately 0.91ha (2.25 acres ).
Celestica is a long term occupier of the unit, since c2000, with the lease extended to July 31, 2030. The property is let at a passing rent of €519,812 per annum, breaking back to €8.40 per sq ft, offering strong reversionary potential at lease expiry (tenant not affected ).
There is a full parent company guarantee provided by Celstica Inc, which is a Nasdaq listed blue chip company with a market cap of $9.5 billion.
Patricia Staunton and James Loughnane, handling the sale on behalf of Cushman & Wakefield, commented: ‘The core aspects of this investment are robust, with a blue chip tenant covenant in situ, offering strong reversionary potential at lease expiry. Celestica are long time occupiers of this property since c.2000 and are committed to this building for a further 5.4 years, to July 2030. At a capital value of €121 per sq ft the asking price is significantly below replacement cost, making this investment a very attractive proposition.
Further information is available from Cushman & Wakefield at 091 569181.
