Park ramps up logistics development activity
Park Developments, which has just announced a sponsorship of Irish women's hockey, has secured a pre-letting of the first new logistics unit it has developed since the property downturn.
The letting of the 50,000 sq ft, 15m high Unit 629 Northwest Logistics Park, Ballycoolin, Dublin 15, is on a 20-year lease incorporating a 15-year break option. However, a spokesperson declined to disclose either the rent or the occupier.
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Significantly, the pre-let has encouraged Michael Cotter's firm to undertake further speculative development on the first phase of a €35m logistics project at Northwest Logistics Park.
The company is about to start construction on Unit 633, which comprises 3,716 sq m (40,000 sq ft), including 370 sq m (4,000 sq ft) of offices. It will be ready for occupation by the first quarter of 2020, and available to lease at an annual rent of €390,000, or to purchase. Joint agents Savills and CBRE say the developer would prefer to rent it and is not quoting a purchase price.
Park commenced construction at Northwest in the third quarter of 2018, where it secured planning permission for six logistics facilities totalling 21,650 sq m (233,000 sq ft), with unit sizes ranging from 1,394 sq m (15,000 sq ft) up to 7,254 sq m (78,000 sq ft).
Dick Cuddihy of Park Developments said buildings on the remaining sites with planning permission can be provided to occupiers' requirements for sale or lease or alternatively buildings up to 50,000 sq m can be provided on a design-and-build basis.
The high-spec Unit 633 will have a clear internal height of 15m, four loading bays, two ground-level roller shutter doors and a generous yard depth of 34m.
Northwest Logistics Park is an established location within 200 metres of the N2/N3 link road, which provides dual carriageway access to the N2 (J3) and N3 (J2) routes and J5 and J6 on the M50, offering motorway access to all of the main arterial routes from Dublin, to Dublin International Airport and the Port Tunnel.
Park Developments has been developing logistics space in Ireland for over 30 years. Its other developments include Northwest Business Park, Ballycoolin, Dublin 15, and Northern Cross Business Park, North Road, Dublin 11, with more than 1.4 million square feet.
The firm also announced this week that it will invest in Irish women's hockey over the next four years through the Park Developments Irish Women's Hockey Bursary. This will directly support an initial group of 23 players up to the conclusion of the qualification period for the Tokyo 2020 Olympic Games in December.
Jilly Cotter, Park group's sales and marketing manager, said: "As a property development business, we aim to enrich the lives of future generations. Like so many, we at Park Developments were inspired by the performance of the Irish Women's team at the World Cup last summer."