Date: November 1, 2020
Transaction Type: Lease
Property Type: Industrial
Size: 14,000 sq. ft.
Sale Price: €200,000 fit-out for 18 month lease
The property is owned by an investor in a region with an extremely low supply of commercial warehousing. Therefore, the availability of this property presented a significant opportunity to the market. Along with the client, REA Boyd’s developed a strategy to achieve a long-term lease with one of Europe’s two biggest logistics companies for a regional hub. However, given the economic challenges presented by the COVID-19 outbreak, both organization’s decided to shelve expansion plans for the short term. While new avenues were being pursued, it was decided to adopt a holding strategy of a month-to month let to a local business to ensure no loss of income. In parallel with this, Michael Boyd, SIOR, identified a significant opportunity with the local health authority. The regional COVID-19 Test Center was in a nearby sports stadium using military tents. Through observing the operational set up, Michael identified that they would need a suitable winter premises.Michael engaged with his contacts within the local health authority and—given the urgency of the situation—terms were agreed without delay. The tenant was given possession of the premises within a week and a €200,000 fit-out was initiated and completed within four weeks. The center was operational within six weeks of first engagement with the tenant.
Michael Boyd, SIOR