22 Jul 2015 07:00
22 July 2015
Development Securities acquires €6.0 million industrial asset in Dublin
Further to last week's announcement regarding the funding of the Burlington House development in Dublin, Development Securities today announces that it has acquired the Avid building in Sandyford, Dublin for €6.0 million at a net initial yield of 12.75%.
The building, which occupies a 1.8-acre site, comprises 42,000 sq. ft. of office and warehouse space along with 107 car parking spaces and is fully let to Avid Technology International BV until April 2017. Located within an affluent southern suburb of Dublin, the site is within close proximity to two LUAS tram stops which link directly to the city centre in less than twenty minutes. A planning application is currently being progressed to redevelop the site, creating a new mixed-use development that includes up to 140 residential units and c.10,000 sq. ft. of commercial space.
Matthew Weiner, Chief Executive, Development Securities PLC said: "Our presence in Dublin is growing as we continue to selectively expand both our development and investment activities where we see strong buying opportunities within this market. The Avid building is well-located, well-connected to the rest of the city, and offers strong redevelopment potential. We look forward to bringing forward an exciting new development in this established area of Dublin."
For further enquiries, please contact:
Lucy Grimble/Matthew Weiner, Development Securities PLC
020 7828 4777