Fresh prospects offered with Blanchardstown investment

Unit 7 Blanchardstown Corporate Park

Donal Buckley

A refrigerated warehouse and office investment in Blanchardstown, Dublin 15, is being offered for sale by industrial property specialists Harvey.

Unit 7 Blanchardstown Corporate Park is let to Fitzpatrick’s & Hanley’s Ltd, trading as Caterway, on a 10-year full repairing and insuring lease from December 2018 at a rent of €200,000 per annum, exclusive of all other outgoings.

The rent is due for review in December 2023 and Kevin McHugh from Harvey says a substantial increase in rent is “likely achievable at that time based on recent evidence”.

He is guiding €4m for the investment sale.

While the lease incorporates a tenant-only break option at the end of year seven of the term, subject to 12 months’ notice, a deed of renunciation has been executed by the tenant meaning the landlord will retain control of the building into the future.

The property is a quality, detached, refrigerated warehouse and office facility which extends to a total gross external floor area of 28,621 sqft with a large and secure yard, which has space to park up to 10 trailers of as much as 40 feet in length.

Loading access is available through six dock levellers and one level access door.

There is also the potential to use the building as an ambient warehouse, if necessary, at a future date.

Surrounded by office buildings, the property could be suitable for future redevelopment as offices, subject to planning permission.

Caterway delivers fresh fruit, vegetables and dry goods.