News Article

4/27/2007 - €6 MILLION INVESTMENT SALE AT PARK WEST INDUSTRIAL PARK
Irish Life Investment Managers have completed the acquisition of a prime industrial building at 9A & 9B Park West Industrial Park, Nangor Road, Dublin 12 for a price of just in excess of €6m on behalf of Irish Life Assurance plc.

The property comprises a detached modern building of 3,143 sq. m. leased to Gardiner Group Limited for a term of 20 years from 24th of June 2004 at a current rent of €309,000 p.a. The unit is divided into 2 sections and is occupied by Tucks Ltd. and Pace Marketing Limited – both subsidiaries of Gardiner Group Ltd.

Gardiner Group Ltd. is an expanding and well diversified Irish Company, with subsidiaries including Tucks Fasteners Ltd., Thomas Corry & Sons Ltd., Genfitt Ltd., Pace Marketing Ltd., Modern Veneer Importers Ltd. and Safeway Manufacturing Co. Ltd. and is in turn part of Roll Up Ltd. which has a turnover in excess of €42m.

Park West Business Park, which comprises the Industrial Park, the Science & Technology Office Zone and the Retail Plaza is home to over 240 companies and 8,000 employees. Occupiers within the Industrial Park include Beaumark, Phloor, Dixons and Bunzl Supplies among others.

The price of €6,005,000 equates to a Net Initial Yield of 4.62%.

Philip Harvey handled the sale on behalf of long established Cork based company Charles Nolan & Sons. The property was acquired by William Harvey & Co. for their client in a sale and leaseback transaction in June 2004.

He comments “The property was not being offered for sale but at the low initial yield achieved, our client viewed this as a profit taking opportunity. They have recently completed a number of commercial investment transactions, some of which have development angles and potential to increase current returns”.