Former home of famous brewery goes on sale for a cool £3.8m
A business park that used to house one of Co Louth's most famous breweries has gone on the market for €4.2m (£3.8m).
The Brewery Business Park in Dundalk is being sold by agents Cushman & Wakefield and was once home to the Macardle Moore Brewery - one of the longest established breweries in the town.
Close to Dundalk town centre, the site is a short distance from the existing operations of major international companies including PayPal, Heinz, Digiweb and Xerox.
Macardle Moore Brewery, which started brewing on-site around 1863, was brought into the Guinness group around 1960. The brewery and packing site closed in 2000.
The site has since been redeveloped into a large business park with an extensive yard area, loading facilities and through roads which afford it easy access to the motorway and wider national road network.
Brewery Business Park extends to 8.09 hectares (20 acres), consisting of 57 industrial units comprising around 353,507 sq ft.
The current rent receivable is €663,200 per annum, with the anchor tenant accounting for approximately €300,000 per annum over around 135,000 sq ft.
There is 145,000 sq ft of vacancy within the park, offering the potential to further enhance the rental income by €330,000 per annum. Based on its €4.2m guide price, the park will show an initial yield of 14.55% before the remaining units have been let.
The entire 20-acre site is zoned 'mixed/general development/proposal site use area' under the Dundalk and Environs Development Plan.
The brewery, which is located to the western boundary, is listed as a Protected Structure under the current County Development Plan.
A recent flood risk assessment report has declared parts of Dundalk and Co Louth as a risk area. The park itself flooded as recently as 2014, with every business affected.
In order to rectify this problem, the Irish government is due to sign off on funding in order to improve its flood defences, with Dundalk in line to benefit by €40m.
This funding is to be made available between 2018 and 2021.
Ardmore Enterprises has been granted conditional planning permission to develop a new building in the old Macardle Moore Brewery car park.
It was to consist of two ground floor commercial units, eight two-bed apartments and three one-bed apartments with associated circulation spaces, private balconies, associated car parking and a new traffic entrance.