Commercial Property

Two Dublin investment deals generate more than €4.5m



Sale: The Portakabin facility in Roseville Business Park, Donabate


Investment: 40 James’s Street, Dublin 8 (highlighted in red marking)
Gallery 2
Sale: The Portakabin facility in Roseville Business Park, Donabate

Two Dublin investment properties were sold by agents Colliers in recent weeks generating €4.55m in separate deals.

The largest of them was the sale of the Portakabin facility in Roseville Business Park, Donabate in North Dublin for €3.3m.

The purchaser is rumoured to be international property investment company M7 which has built up a portfolio of 21 industrial/logistics assets in Ireland in recent years. The vendor was a private Irish investor.

On the basis of an annual rent of €245,000 from March 2021, the deal will provide the purchaser with a reversionary yield of 6.75pc, after allowing for purchaser’s costs of 9.92pc.

Portakabin (Ireland) Limited is the tenant and Stephen Conway of Colliers, who handled the sale, described this as a relatively strong covenant with a parent company guarantee from Portakabin Limited which has a Dun & Bradstreet credit rating of 5A 1.

The tenant has the benefit of a break option in March 2026, subject to 12 months’ notice, leaving an unexpired term of about 5.25 years to the break and 7.25 years to expiry.

Roseville Business Park is an established industrial and logistics location that adjoins Turvey Business Centre, Red Leaf Business Park and Shannon Valley Centre.

Located just off the M1 motorway it is 16km’s north east of Dublin city centre and 3 km west of Donabate village. Dublin Airport is located just five minutes drive away.

Gallery 2
Investment: 40 James’s Street, Dublin 8 (highlighted in red marking)

Separately, Colliers sold a mixed-use investment property at 40 James’s Street, Dublin 8, to a European investor for €1.25m. which was below its guide price which at one time was €1.5m.

Extending to some 5,500 sq ft, it was rebuilt in 2006 and its accommodation comprises a retail unit on the ground floor, a two bedroom apartment on the first floor, with modern office accommodation to the rear and above.

The retail unit and apartment are both let, producing about €31,275 per annum. While the gross initial yield was about 2.5pc, Colliers estimate that it has potential for a reversionary yield of more than 9pc on letting the 4,000 sq ft vacant office space.

Colliers also estimate that the offices could generate about €95,000 in annual rent including rent from two car spaces in a courtyard entered at the ground level of the building.

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