Fully let Naas Road industrial investment guiding at €8.5m
The prospect of securing long-term income with index-linked rent reviews from a strong tenant coupled with longer-term development potential should see interest from investors in the sale of a fully let industrial asset on Dublin's Naas Road. The investment at Muirfield Drive is being offered to the market by agent JLL at a guide price of €8.5 million.
The subject property, which extends to approximately 3,716sq m (40,000sq ft) and sits on a site of 2.5 acres, is currently fully let to Hevac Limited and The Tube Company of Ireland Limited, both of which are wholly owned by Wolseley.
An aerial view of the property at Muirfield Drive on the Naas Road shows the extent of its 2.5-acre site
The property is occupied on a 10-year lease from June 30th, 2022, and is generating an annual rent of €525,000. The investment benefits from index-linked rent reviews with CPI adjustments, with a new adjustment scheduled for January 1st, 2029.
Max Reilly of JLL says: 'The property's strategic location on the Naas Road, coupled with its quality tenants and index-linked rent reviews, positions this asset as an attractive proposition for investors. The substantial site area of 2.5 acres provides a significant opportunity for future development, allowing investors to unlock additional value in this growing location.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Irish Independent
36 minutes ago
- Irish Independent
UK court orders costs payment to unit of Irish leasing giant AerCap
The costs are linked to a $203m dispute over jets that were lost after Russia's invasion of Ukraine. Volga-Dnepr has raised concerns that if it makes any payments, the company could be in breach of Western sanctions that were imposed on Russia after the 2022 invasion. However, the court has refused to postpone the 14-day deadline for payment to Celestial Aviation Trading, rejecting a proposal that it be paid whenever Volga-Dnepr secures a licence from the UK's Office of Financial Sanctions Implementation, or when it is no longer subject to sanctions. Last month, the UK High Court refused a request from the Dutch arm of Volga-Dnepr Logistics to vary an order that it make a $203m payment to the Irish bank account of AerCap's Ireland-based Celestial unit. The court ruled that the court order did not breach sanctions imposed on Russia. After the order was made, the Volga-Dnepr unit was deemed liable for Celestial's £245,000 costs in relation to the failed request to vary the $203m payment order. Last month, Celestial agreed to accept a lower payment of £134,000. However, the sum was not paid within the stipulated 14 days. Irish units of AerCap's Celestial Aviation, which were formerly owned by Gecas, sued Volga-Dnepr in May 2022 claiming that events of default or events of loss had occurred under the lease agreements for eight aircraft. The Dutch subsidiary had guaranteed the obligations under the leases. Following a hearing last February, the Dutch arm of Volga-Dnepr was ordered by the UK court to make an interim payment of $202.8m to Celestial in respect of its liabilities under the guarantees it made in relation to the leasing of the eight jets. The company was also ordered to pay £50,000 in costs to Celestial. Both payments were to be made by February 25 into a bank account in Ireland, but had not been made by that time. In relation to the costs associated with the failed effort to vary the order, High Court deputy judge Nigel Cooper said he was not persuaded that there were any good reasons why he should make any order other than one requiring Volga-Dnepr to pay the assessed costs within 14 days.
Irish Times
an hour ago
- Irish Times
The Irish Times view on Ireland's budget policy: betting on a tax boom
The latest report from the Irish Fiscal Advisory council (Ifac) neatly sums up the difficulty of forecasting what happens next in the Irish economy. Facing significant uncertainties, most notably from the policies of US president Donald Trump, the economy could take a hit, or could hold on to most of the gains of recent years. One thing is for sure, however. Ireland is relying ever more heavily on corporation tax. And the report from the budget watchdog suggests how the Government should respond. These recommendations are, by now, familiar, but that does not mean they should be dismissed. The Government has, wisely, started to put cash aside in case of a downturn. And this should certainly help if any reversal was temporary. However, Ifac points to structural issues too – longer-term trends which need to be addressed. One, a common theme of these reports, is Ireland's reliance on just a few major US companies for a significant amount of corporate tax revenue. When the part of corporate tax revenues relating to tax planning is factored out, Ifac estimates that the underlying budget position is in deficit. There are also problems on the spending side of the budget, which have received little attention to date. Ifac criticises the Government for its budgeting for this year, saying that it failed to take into account overruns for 2024 which had increased the spending base. As a result, spending for this year could be €3 billion above budget, it estimates. READ MORE Significant overruns have become common, but have been offset by tax also coming in ahead of target. Relying on this continuing is unwise. To combat this, Ifac calls for better spending control and a clear target – or anchor – for the level of spending increases which is then adhered to. As the report points out, corporation tax could grow further, helping to underpin the public finances. But the risks, too, are obvious. Either way, the lack of control on day-to-day public spending is notable and does not suggest proper management, or a focus on value for money.
Irish Times
an hour ago
- Irish Times
Budget watchdog forecasts fresh corporation tax surge
The mood music around the economy may not be good right now, but the State's budgetary watchdog sees a silver lining. Indeed, Ireland could be on the brink of another surge in corporation tax , according to the Irish Fiscal Advisory Council (Ifac). Eoin Burke-Kennedy has the details. Housing activity dipped in May for the first time in nine months, according to AIB's latest construction PMI. Colin Gleeson reports. Colin also has details of an Ibec policy paper on regulation , which sees the business lobby call for an overhaul of Government regulations. Gender issues is one of the biggest story of our times, and sits at the heart of politics and the culture wars . Yet Irish media seems reticent to cover the issue in depth, according to Hugh Linehan. In his column, he explores why. READ MORE Cantillon goes deeper on the Ifac report , while also assessing Dalata's options after the hotelier rejected a bid from a potential suitor, and looks at why nursing homes are a convenient target for Government right now but no-one cares to talk about the hypocrisy around funding for the care of older people. In Your Money, Dominic Coyle answers a reader question on whether to move house now, or wait for another potential drop in interest rates. How to manage your pension in these volatile times Listen | 37:00 Fiona Reddan meanwhile, looks at how a new tax relief scheme for residential landlords is already causing headaches. In Me & My Money, comedian and theatre director Laura O'Mahony talks through her spending habits. Ireland's tax on idle land zoned for housing must be reformed to encourage the level of private investment required to help solve the Republic's housing crisis, PwC has said. In its pre-budget submission, the Big Four accountancy firm has called on the Government to address the issue of housing development costs through taxation policy. Ian Curran has read the submission. Dublin City Council has given the green light to Fáilte Ireland for its planning application to set up a food hall at the vacant St Andrew's Church on Suffolk Street in central Dublin. Gordon Deegan reports. Irish factory output fell sharply in April, the Central Statistics Office (CSO) said on Monday, despite a strong start to the year, particularly for multinational-dominated manufacturing industries including pharmaceuticals. Ian Curran has the story. The tariff saga continues. Dozens of executives from some of the world's biggest companies will travel to Washington this week to push back against a plan to raise taxes on foreign investments in the US, warning it may hit millions of American jobs. Novo Banco, the Portuguese bank lead by former AIB chief financial officer Mark Bourke, has attracted two bids from French banking group BPCE and CaixaBank of Spain, according to people familiar with the matter. If you'd like to read more about the issues that affect your finances try signing up to On the Money , the weekly newsletter from our personal finance team, which will be issued every Friday to Irish Times subscribers.
