Fully let Meath logistics facility for €6.75m offers buyer 6.2% net initial yield

Investors looking for a combination of secure income from a strong tenant with potential for future rental growth may be interested in the sale of Unit 20 at Ashbourne Business Park in Ashbourne, Co Meath. The subject property, which is fully let to Oasis Document and Data Management, is being offered to the market by agent Lisney Commercial Real Estate at a guide price of €6.75 million.

Unit 20 comprises a modern, detached high-bay industrial and logistics facility extending to a gross external area of 3,789sq m (40,788sq ft), and with a clear internal height of 14.9m (49ft). The building has one dock leveller and two level-access doors. The property is fitted out for records and information management, with five floors of high-density archive storage, ancillary offices and a tenant-installed fire-suppression system. The building has a B Ber rating, with a pathway to an A rating through minor works.

The subject property is fully let to Oasis Document and Data Management on a 20-year full repairing and insuring (FRI) lease from January 2020, providing an unexpired lease term of about 13.25 years. The passing rent of €460,000 a year is set to increase to €529,000 in January 2030. The lease is supported by a parent company guarantee from Offsite Archive Storage and Integrated Services Limited, providing additional covenant support. Should a sale proceed at the €6.75 million guide price, the incoming purchaser would be in line for a net initial yield of 6.2 per cent, rising to 7.13 per cent following the scheduled rent increase in January 2030.

Ashbourne Business Park is located about 20km north of Dublin on the N2/M2 motorway corridor, 24km from Dublin Airport, and about 15km from junction 5 of the M50 motorway. Other occupiers at the development include Primeline Logistics, PCO, Sundrelle and CLF.

Commenting on the sale, Thomas Byrne of Lisney said: “Unit 20 offers investors the opportunity to acquire a well-located logistics asset with a strong tenant covenant, no tenant break option and clear rental growth.”