Warehouse and office for €6.9m offers long-term investment

A WAREHOUSE and office investment let to Carrolls Irish Gifts has come on the market with a guide price of €6.9m.

Located in Fonthill Business Park, the premises at Unit 20 extends to approximately 39,721 sqft.

It is generating a passing annual rent of €417,071 which equates to €10.50 per sqft.

Fergal Cleary, senior surveyor in investments at selling agent Savills, said: “This offering provides investors with an opportunity to acquire a long-term industrial investment with the added benefit of CPI-linked rent reviews with a cap-and-collar of plus 3pc and minus 3pc annually.”

This means that rents may increase or decrease in line with the CPI at a maximum or minimum of 3 per cent.

Its guide price would also equate to a net initial yield of 5.5 per cent after standard purchasers’ costs and price of €174 per sqft.

Fonthill Business Park is strategically located for a logistics distribution business as it is within 2.5km of the M50/N4 interchange.

The property is a detached industrial unit on a large self-contained site of about two acres and benefits from a warehouse clear internal height of about 9.4 metres, a gated yard to the rear, as well as front and rear access. Internally the unit includes ancillary offices over two storeys extending to about 9,399 sqft.

Carrolls took occupation of the building as their new headquarters in 2022 and have since upgraded the office element.

Established in 1982, Carrolls is one of Ireland’s leading gift item retailers.

The chain currently operates 18 stores throughout the country including Dublin, Cork, Kilkenny and Belfast while also having a strong e-commerce presence. Its suppliers now stand at about 75 per cent Irish.