€45 million guide price for Uniphar’s head office

IRISH healthcare services business Uniphar’s head office in Citywest Business Park, is on the market.

Number 4045 Citywest Business Campus is being offered to the market by BNP Paribas Real Estate by way of a sale and leaseback transaction at a guide price of €45 million.

The proposed sale will proceed once Uniphar exercises its option to acquire the property from its current owner, Iput.

Purpose built in 2007, Uniphar’s headquarter facility comprises a large warehouse with 11m clear internal height providing an excellent cubic capacity, and 24 loading doors to the side and rear elevations.

The building extends to a gross external area of 21,313 sq m (approximately 230,000 sq ft) on a site of 3.54 hectares (8.8 acres). It includes extensive landscaping, perimeter circulation, a dedicated rear yard and 260 surface car-parking spaces.

Twenty-four hour on-site security is provided.

The subject property includes three-storey grade A offices to the front of the site overlooking Kingswood Road, which have been fully refurbished.

Additional works are under way to improve the building energy rating of the property as part of Uniphar’s commitment to improve its ESG credentials.

These works include the completion of the lighting system upgrade to LED, the installation of a heat pump and a new VRF air-conditioning system to the offices, along with the delivery of an on-site power source via a 500kw rooftop solar PV system.

The subject property will be sold by way of a sale-and-leaseback transaction with a new 20-year full repairing “green” lease to Uniphar plc.

Uniphar will pay an initial rent of €2.34 million per annum (€10.20 per sq ft) with a fixed 23 per cent rental uplift to €2.87 million per annum (€12.50 per sq ft) in years six to 10.

Open-market rent reviews will be set at the end of years 10 and 15 and will feature an investor-friendly collar or maximum decrease in rent of 5 per cent.

A tenant break option will be included at end of year 15.