Knight Frank completes the sale of the largest vacant industrial building in Dublin in 2017

23 January 2018

 

Under the instructions of Tom O’Brien in Mazars, Knight Frank has recently completed the sale of an exceptional high bay logistics facility, the largest vacant industrial building in 2017, at Northwest Business Park, Ballycoolin, Dublin 15.

 

Unit 103 comprises a modern detached unit which extends to a total area of approx. 12,550 sq. m (135,000 sq. ft.) on a site of approx. 2.6 ha (6.45 acres). The building features 21 dock levellers, 3 standard grade doors and a clear internal eaves height of approx. 12.0 meters. In addition there is a manned security entrance, staff and trailer parking and a yard depth of 60.0 metres.

 

The property is situated in the successful Northwest Business Park, which was originally developed by Park Developments in the late 90’s. Northwest Business Park is a substantial park located approx. 4.0 kms from the M50 Motorway via Junction 6 Blanchardstown/N3 whilst alternate access is afforded via Exit 2 on the M2 Motorway. The park benefits from excellent accessibility to Dublin Airport and the Dublin Port Tunnel.

 

The immediate area is home to a host of well-known logistics companies and occupiers which include DSV, Masterlink Logistics, Independent Express Cargo, Hales Freight, BWG and Dunnes Stores amongst others.

 

The property has been purchased by IPUT. IPUT is the largest unlisted property vehicle in Ireland with over €2.3 billion worth of assets currently under management. IPUT’s portfolio is focused on the prime end of Dublin’s office, retail and logistic markets, particularly Dublin’s Central Business District.

 

JP McDonagh, Divisional Director, Knight Frank comments that “the property has all of the attributes that modern day logistics occupiers require such as high bay warehouse space, giving excellent cubic capacity capability, excellent loading facilities, with a significantly higher than standard dock level offering, and a building configuration and yard depth which modern day occupiers demand”

 

Commenting, Michael Clarke, Head of Investment at IPUT plc; “IPUT has selectively increased its exposure to the Dublin logistics sector over recent years and now owns over 2 million sq ft of prime logistics space in strategic locations across Dublin”. Gavin Butler of Savills advised IPUT.

 

The property was sold for in excess of €12,200,000.