Sitecast Industrial Estate, Cork, Co. CORK, T12 F624, IE

Hevac, Unit 7, Sitecast Industrial Estate, Cork

Attributes

Building area gross

19,589 sf

Occupancy

100%

Year built

1970

Tenants

Washglade Ltd t/a Heat Merchants (Aluminox Ltd.)

Asset description

For Sale by Private Treaty | Prime Industrial Investment

Brought to the market by JLL and Cohalan Downing, Hevac, Unit 7 Sitecast Industrial Estate, Cork is approximately 5 km south of Cork City Centre, 5km north of Cork Airport, 1 km west of the Kinsale Road Roundabout, 9 km west of the Jack Lynch Tunnel and approx. 1 km east of the Sarsfield Roundabout. The property is accessed off the westbound carriageway of the N40 South Ring Road and can also be accessed off the eastbound carriageway by taking the flyover. The strategic positioning within the long established Sitecast Industrial Estate, is amplified by the calibre of nearby occupiers which include Smurfit Westrock, Brooks Builders Providers, EPH Controls, Hilti, Howdens, Casey Furniture, OK Tool Hire, Energy Glazing, O’Sullivan Bros DIY, and Cork Builders Providers.

The property comprises a detached light industrial/warehouse/distribution facility on a secure site of approximately 0.85 Acres (0.34 Ha) which provides ample car parking and circulation space for staff and customers to the front and side of the building.

The property has a GEA area of approximately 19,589 sq. ft. (1,820 sq. m.) and is currently divided in two distinct sections as it is occupied by both Heat Merchants and Aluminox who operate a trade counter and distribution facility from the premises. The property currently holds a BER rating of B3.

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Investment highlights

The property is currently held under two concurrent IRI leases which run for a term of 10 years from June 2022 with tenant break options at the expiry of year 5 (June 2027) subject to a minimum of 6 months advanced notice. The next rent review is in June 2027 and the property offers reversionary potential. The current passing rent is €110,000 per annum which is made up of €70,000 per annum for Unit 7 (Washglade Ltd t/a Heat Merchants) and €40,000 pa for Unit 7A (Aluminox Ltd). Washglade and Aluminox each have a Vision Net Rating of “Low Trade Risk” and are part of the Wolseley Group. Wolseley is one of the UK’s leading companies in the provision on plumbing, heating

and cooling infrastructure and have over 560 UK branches. Revenue for the year ended 31 July 2024 was Stg£2.22 bn.