Sunday 19 November 2017

Kingswood Business Park industrial lands for €2.5m

CBRE are seeking €2.5m for 11.98 acres at Kingswood Business Park in Dublin
CBRE are seeking €2.5m for 11.98 acres at Kingswood Business Park in Dublin
Ronald Quinlan

Ronald Quinlan

Agents CBRE are seeking €2.5m for 4.85 hectares (11.98 acres) of land at Kingswood Business Park in Dublin 22.

The land, which is available for sale in one or more lots, is being sold by private treaty and is suitable for a wide variety of uses including, but not limited to, warehousing, science and technology-based enterprise and the provision of a service or petrol station.

Surrounded by both Grange Castle Business Park and the Citywest Business Campus, Kingswood Business Park is an established business location.

As a business hub, Kingswood has seen extensive growth in recent years, hosting numerous global leaders in the pharmaceutical, technology and manufacturing sectors.

Global corporate occupiers within the immediate vicinity include Google, Microsoft, Pfizer, United Drug and Wyeth.

The sale will comprise threelots: Lot 1 comprises the entire 4.85 hectares (11.98 acres) land holding; Lot 2 comprises approximately 4.05 hectares (10.00 acres); and Lot 3 comprises of approximately 0.80 hectares (1.98 acres).

The availability of the land in varying lot sizes is expected by the selling agents to attract interest from both medium and large industrial occupiers.

The subject lands are zoned 'EE' to provide for enterprise and employment-related uses under the South Dublin County Council Development Plan 2016-2022. This zoning aims to facilitate a wide variety of uses such as warehousing, science and technology-based enterprises and service/petrol stations.

The subject lands already have the advantage of a positive planning history and represent "a unique opportunity for potential higher value uses" according to the agents.

Planning permission was granted previously for the development of light industrial units, a service station and a car-testing facility.

Kingswood Business Park itself offers a secure business environment with internal roads and services infrastructure in place, providing ready-to-go development sites. Strategically situated off the N7 (linking Dublin to Cork) this location allows for rapid access to the M50 motorway and all national arterial routes from Dublin. The lands are just 1km from the Kingswood Junction (N7), 5km from the N7/M50 Junction and 15km from Dublin city centre.

Commenting on the opportunity the lands present for potential buyers, John Reynolds of CBRE's Industrial & Logistics division said: "The Dublin industrial market is experiencing a scarcity of modern accommodation, creating strong demand for the provision of build-to-suit options. Currently there is a lack of industrial land available along the N7 to accommodate build-to-suit requirements, with the majority of options available in north Dublin."

In its most recent bi-monthly report, CBRE predicted that the industrial and logistics sector will generate the highest rental uplifts in the Irish commercial property market in 2017 - almost 14pc - at which point development "will be viable".

Referring to the potential viability for development of the Kingswood Business Park lands, Mr Reynolds added: "These lands offer developers a unique opportunity to take advantage of the build-to-suit market in south-west Dublin. With the lands being offered in one or more lots we are also expecting very strong interest from the owner occupier market."

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