High yielding Midleton unit for €700k

A high yielding investment property, let to a US company manufacturing precision products and services for the medical device and aerospace markets, is for sale in Midleton, East Cork, at a guide of €700,000.

At the price, and at a current quoted rent of €87,500 pa, it equates to a 12% return, with five years left to run on a new lease from January 2017 and at what’s deemed to be a current market-level rent.

The property is Unit 11 in the Owenacurra Business Part, on the outskirts of the East Cork town of Midleton, set just off its northern relief road. It’s a modern detached, single storey light industrial unit totaling 15,500 sq ft, which includes a 5,300 sq ft two storey office/service block, all on a site of 1.15 acres.

The investment is offered with a sitting tenant, Symmetry Medical Ireland Ltd, which trades as Tecomet (tenant not affected by the sale,) and rent is c €5.65 per square foot, let at market rent, say Edward Hanafin and Mark Kennnedy of Lisney, who add that “at the guide sale price, this equates to a capital value of €45psf, which is significantly below replacement construction costs.”

Symmetry Medical Ireland Ltd/ t/a Tecomet operates from manufacturing facilities in five countries around the world, employing over 2,500, and produces complex, high precision products and services for the medical device and aerospace markets.

Its Irish base is in the Owenacurra Business Park, by the Market Green Shopping Centre and retail park, just north of the main Cork/Waterford N25, 20kms east of Cork city.

Selling by private treaty at €700,000, Lisney say “the property will appeal to a wide range of investor purchasers as it offers a high return of 12% with just under five years to lease expiry.

Details: Lisney 021-4275079