Thursday 23 October 2014

Brooks Timber pays €3.5m for site of new head office

Peter Flanagan Commercial Property Editor

Published 12/12/2013 | 18:31

Brooks Timber and Building Supplies Ltd. Old Naas Road

An industrial site in Kildare has been sold for close to €3.5m.

CBRE sold the site on the Old Naas Road under the instructions of Kieran Wallace of KPMG acting as liquidator, to Brooks Timber and Building Supplies Limited.

The property comprises three industrial-type buildings extending to about 9,575sqm on a five-acre site. Those dimensions make it one of the largest industrial disposals in 2013, CBRE said.

The units include a showroom unit and ancillary warehousing. The property is bounded by the Old Naas Road, the Naas Road (N7), Naas Road Industrial Park and Royal Liver Retail Park to the north, south east and west respectively.

CBRE's Jarlath Lyn, who acted as agent on the deal, said there was a strong level of interest in the property throughout.

CBRE sold the site by way of private treaty guiding €3.85m exclusive with a best bids called on October 16.

Managing director of Brooks Timber, Mark Lohan, said the site would serve as the company's head office and constitute its largest trading location.

"This was another strategic acquisition for the group, following on from the recent successful acquisition of Dublin Plywood and Veneers Company Limited and the opening of a new Brooks branch in Glasnevin.

"It also further demonstrated confidence by the Holding Company, Premier Forest, in the Brooks brand and in an expected recovery in the Irish economy," he added.

"Over the past 18 months, with Premier's support we have managed to rebuild an iconic, centuries-old timber and building products company after a period of immense difficulty," said Premier Group director Terry Edgell, of the Premier Group.

"This purchase marks another strategically important acquisition for Premier and we are pleased to have been able to support our Brooks business."

Meanwhile CBRE and joint agents Mullery Auctioneers say they have sold the Rock Glen Hotel in Clifden, Co Galway. The property was offered for sale on behalf of Paul McCann, Grant Thornton acting as Receiver/Manager.

The property was initially offered with a guide price of €450,000.

Irish Independent

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