Published Date: 05/10/2022
Pan-European investor and asset manager M7 Real Estate has added to its growing Irish property portfolio, paying just over €7 million for Churchtown Business Park in Dublin 14.
The completion of the deal brings M7's holdings in the Republic to 27 assets, extending to just under 119,124 sq. m. (1,282,260 sq. ft.), primarily in industrial and logistics space. News of the transaction's completion comes just four weeks on from M7's €11 million acquisition of Swords Enterprise Park in north Dublin.
Located on a prime site overlooking the M1 Motorway and within close proximity to the M50, Dublin Airport and Dublin Port Tunnel, the 79,000 sq. ft scheme comprises 61 Industrial/office units. At the time of being offered to the market, the occupancy level stood at 93 percent with rental income of €916,500 per annum.
In the case of Churchtown Business Park, M7 will have the benefit of €408,000 in annual rental income from a strong tenant line-up that includes Senator Windows, Tipperary Crystal, Skon, Danish Kitchen Design, Avista Medical, and Webshirts Ltd, trading as Louis Copeland. Unit 21 is currently vacant and once it is let, the total rent is expected to increase to more than €500,000 a year. The leases at the scheme have between three and ten years remaining to expiry.
Located in South Dublin, Churchtown Business Park extends to 3,833 sq. m. (41,260 sq. ft.) on a site of two acres. The sale reflects an initial net yield of 5.2 percent which will increase upon the letting of the vacant unit to 6.5 percent.
Nicholas Corson of Finnegan Menton acted for the vendors while Gavin Butler of Savills acted for M7 Real Estate.