Fully let logistics investment at Dublin’s Airways Industrial Estate seeking €10.75m

The combination of a well-located logistics asset, strong tenant covenant and the prospect of a net initial yield of 7.4 per cent should see interest from both Irish and international investors in the sale of 7-8 Airways Industrial Estate in Santry, Dublin 9.

Located immediately north of Santry village and within a short distance of Dublin Airport, Dublin Port and the M1/M50 motorway interchange, the subject property comprises two adjoining industrial units with a combined area of 8,319sq m (89,649sq ft) on a 3.6-acre site. The property is fully let to MM Fibre Packaging Ireland Limited and is generating total rent of €896,490 a year (€10.00 per sq ft). The units are let on two 15-year leases that commenced in July 2015 and February 2016 and expire in June 2030 and January 2031 respectively.

The tenant, formerly Essentra Packaging Ireland Limited, is part of MM Group, a global fibre-based consumer-packaging business serving the food, healthcare and consumer goods sectors. MM Group reported consolidated revenues of €3.89 billion in 2025 and employs more than 13,000 people.

CBRE is guiding a price of €10.75 million, reflecting a net initial yield of approximately 7.4 per cent and equating to a capital value of €123 per sq ft, which is below the property’s replacement value.

Stephen Mellon of CBRE’s industrial and logistics division said: “Units 7 and 8 combine secure income from a strong covenant with a rent that sits well below the market rent for this location. Both units are under 50,000sq ft in a location where supply of that size is tight. This provides the prospective purchaser with scope to grow the income. At this price, a purchaser is also transacting well below the replacement value of the asset.”