Friday 24 November 2017

Development land for €1m

Knight Frank is seeking €1m for this land near Ballycoolin Industrial Estate
Knight Frank is seeking €1m for this land near Ballycoolin Industrial Estate
Peter Flanagan

Peter Flanagan

Knight Frank is has been retained as agents for a nine acre development site outside Dublin, which has an asking price of €1m.

The lands adjoin Huntstown Business Park, where Coca Cola have their current office. The lands are also located to the rear of Lagan Asphalts offices. The lands are ideally positioned in the context of Rosemount Business Park and the various phases of Northwest Business Park, considered to be some of Ireland's Premier distribution locations and home to notable tenants such as Independent Express Cargo, Wincanton, Masterlink Logistics and Java Republic.

The lands are also within close proximity to Junction 5 and Junction 6 of the M50.

The subject site is zoned objective GE under the Fingal County Council Development Plan 2011 - 2017, that is to say "to facilitate opportunities for comparable industry and general employment uses, logistics and warehousing activity in a good quality physical environment."

Uses allowed in principle include a builders provider or yard; enterprise centre; logistics; light or general industry; warehousing and research & development.

The property had previous planning permission for an industrial development of approximately 37,152 sq m comprising eight detached buildings of a light industrial or logistics nature within seven blocks to form 42 individual units and a separate three storey detached office building.

According to James Smith of Knight Frank, "At present, there is a relative shortage for units in excess of 4,000 sq.m deemed to be of "Grade A" quality in Northwest Dublin.

"In light of falling vacancy rates for Grade A industrial buildings, the lands are likely to appeal to developers seeking sites for design & build opportunities, particularly in established locations such as Ballycoolin.

"The subject lands represent an excellent opportunity to construct a new enterprise scheme, or alternatively they may take a view to revise the previous planning permission to accommodate for the dwindling supply of larger units," he said.

This the latest in a line of industrial-related sites to have come to market in recent months.

In April an industrial property has sold for one of the highest rates per square foot since before the recession.

According to Knight Frank, a unit in Citywest has changed hands for an average of €100 per sq ft.

The firm acted as agents for the sale of Unit 2001, Castle House, Citywest Business Campus, which has been sold for €1.7m.

The 1,569 sq m property had originally been put on the market to let for some €110,000 per annum Knight Frank's James Smith said there had been considerable interest in purchasing the property.

Sunday Indo Business

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