They might manufacture tents, camping and lightweight mattresses and much more for an outdoor recreational lifestyle, as well as aviation seating and sleeping aids for the jet set, but US company Cascade Design still needs traditional manufacturing/warehouse centres.
Cascade has been 20 years in Midleton, and now its East Cork base is up for sale as an investment: the property, and the business, each has fascinating backgrounds and telling tales of industrial development and change.
Up for sale this month for private consortium owners with Savills and Cohalan Downing, guiding €930,000, are Units 1 and 2 in Midleton Business and Enterprise Park, on Dwyer Road in the East Cork capital of Midleton.
There’s a combined rental income of €112,000 pa, equating to a net initial yield of 11.50%, with a capital value of €23.50 psf.
The road was called after William Dwyer, of Sunbeam fame, who had built the Midleton Worsted Mills and Woolcombers factory in the 1940s, adding private homes nearly for management. It was a major presence in industrialising Midleton in the mid-1900s.
It closed in the 1960s after competition from cheaper imports and labour issues, and part of the site was sold for a hotel, which now is the site of Midleton Park Hotel.
An international entity later came to occupy space at the former textile factory, after Cascade Designs opened a manufacturing presence in Ireland in the mid- 1980s to supply European bases.
That privately-owned firm was established in Seattle in the 1970s after the aviation giant began to lay-off 50,000 workers globally: among them were two Boeing engineers who loved the outdoors and hiking.
They turned their private hobby into a major business, going on to develop a range of products for campers, starting with their pioneering self-inflating Therm-a-Rest mattress.
Now, they have up to 1,000 branded products, and in 1995 branched back into the aviation business in Midleton with Cascade Aviation, making seating products under the Jetrest name and Skylounger mattresses for lie-flat seats for the private jet industry.
The company says it manufactures 200,000 Therm-a-Rest mattresses in Midleton each year, exporting to 22 countries, and its website notes it employs 120 in Cork. The under-the-radar company could be described as a sleeping giant, and now the chance to be landlord to Cascade Designs has cropped up.
Joint agents Sam Daunt of Savills and Steven Denehan of Cohalan Downing are guiding €930,000 for two warehouse units on Dwyer Road.
They describe Unit 1, Midleton Business and Enterprise Park, as a 5,200 sq ft modern, detached warehouse unit with office and canteen, and Unit 2 as a large two-bay warehouse with office and production accommodation.
Itstretches to 33,357 sq ft, with a red brick façade, double clad metal deck roof, single-storey office block and an eaves height of c 4.20m, with apex of 8.4m.
The units are let to Cascade Design on two 10-year leases, Unit 1 from November 2009 and Unit 2 from September 2014.
The Midleton Business and Enterprise Park properties are easily reached from the N25 , and nearby are Tesco, McDonalds, Lidl and Midleton Co-Op.
“These two industrial properties are producing a competitive rent providing investors with an attractive opportunity to acquire two industrial properties which reflect a NIY of 11.50%,” say the joint agents.
Details: Savills, 021-4271371; Cohalan Downing, 021-4277717.
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