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Units 4 & 5 Mygan Business Park Jamestown Road Finglas Dublin 11

€10,500,000 For Sale 9,264.85 sqm approx

Property Highlights
* Two interconnecting high-bay logistics units extending to approx. 9,264 sq m (99,726 sq ft), and situated on a site of approx. 2.29 ha (5.65 acres)
* Clear internal height of approx. 8.23m, rising to 9.94m at the apex
* Situated in an established logistics location, and is just 1.5 kms from Junction 5 / M50 motorway
* Currently let to Nightline Logistics Group on two coterminous 15 year leases from 01 May 2016 with approx. 12.3 years unexpired (as of 31/01/2019)
* Nightline Logistics Group have a 4A 1 Dun & Bradstreet financial covenant strength and are a wholly owned subsidiary of United Parcel Service (UPS)
* Passing rent of €550,000 per annum (€5.52 psf based on assignable measurement survey), with significant reversionary potential at next review (01 May 2021)
* Offers sought in excess of €10,500,000 reflecting a net initial yield of 4.83% after the deduction of standard purchasers costs of 8.46%
Location
Mygan Business Park is situated just off the Melville Road in Finglas, approx. 1.5 kms from Junction 5 of the M50 (Finglas / Ashbourne exit) and 8km northwest of Dublin City Centre. The proximity to the M50 enhances its connectivity to main transport hubs such as Dublin Airport and Dublin Port Tunnel (Whitehall entrance) which are just 8.5km and 9.5km away, respectively.
The locality is characterised by a good mix of large distribution occupiers. Business parks in the locality include Century Business Park; Finglas Business Centre; Jamestown Business Park; North City and Northern Cross Business Park’s.
Notable occupier’s in the area include UPS; Seabridge; Antalis; An Post; ESB and U Store It.
The area also benefits from retail amenities such as the Charlestown Shopping Centre, which is anchored by Dunnes Stores, KFC, McDonalds and Eddies Rockets. Aldi & Lidl also service the locality, with Finglas Village just 1.5km away. In addition, Ikea is situated approx. 2.5km to the northeast while Meakstown neighbourhood centre is situated approx. 100m away and is anchored by Eurospar.
Property Description
Warehouse Specification
* Steel portal frame construction with a double skin metal deck roof (incorporating translucent panels).
* Internally, there are part height infill concrete blocks with a profile metal cladding façade to the external elevations of the property.
* Unit 5 comprises 10 no. dock levellers & 1 no. grade level door, while Unit 4 comprises 6 no. dock levellers & 1 no. grade level door.
* Unit 4 benefits from a yard depth of approx. 28 m and Unit 5 has a yard depth of approx. 51 m.
* The warehouse accommodation has a clear span, with a clear internal height of approx. 8.23m rising to 9.94m at the apex. Externally, there is a part height concrete block wall and metal clad façade.
Office Specification
* Each building benefits from its own designated office area, both of which are positioned to the front elevations and accounts for approx. 9.6% of the overall floor area.
* The office accommodation is finished to a high specification including suspended ceilings incorporating recessed lighting, carpet floors and air conditioning.
Planning History
The property benefits from having positive planning history precedent having previously been granted permission for additional warehouse and office accommodation (Planning ref F10A/0525) which has since expired. The application consisted of external extensions and internal revisions to the existing warehouse units totalling 4,766 square metres. This included four warehouse extensions at ground floor level to the south, east and west elevations of the existing units and an uploading canopy attached to the west extension. A proposed new glazed link bridge was to be provided between the two units at first floor level on the north elevation.
Tenancy Info
Unit 4 is let to Nightline Logistics Group from the 1st May 2016 for a term of 15 years at annual rent of €270,000 per annum (exclusive). Unit 45is let to Nightline Logistics Group from the 1st May 2016 for a term of 15 years at annual rent of €280,000 per annum (exclusive). Both properties are let on a full repairing & insuring basis. Nightline Logistics Group have an exceptional Dun & Bradstreet financial covenant strength of 4A 1 and a Tangible Net Worth of €25.32m. United Parcel Service acquired the group in June 2017.

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