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UK developer plans €35m logistics project in Santry

British developer Chancerygate and investor Bridges Fund Management will speculatively develop 14 urban logistics and warehouse units

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The five-acre site on Swords Road in Santry, Dublin

The five-acre site on Swords Road in Santry, Dublin

The five-acre site on Swords Road in Santry, Dublin

A new entrant to the Irish logistics development market has acquired a five-acre site on Swords Road in Santry, Dublin, for €4.5m from construction company Careys.

British developer Chancerygate and investor Bridges Fund Management will speculatively develop 14 urban logistics and warehouse units ranging in size from 3,500sqft to 20,675sqft, subject to planning approval.

It represents the first ever joint investment in Ireland for Chancerygate and Bridges, who have been partnering on development projects in the UK for over 10 years.

All the units will be available leasehold and once complete, the development will have a gross development value of around €35m.

Careys previously used the site for office accommodation and civil engineering yard space. It is around one kilometre south of Dublin Airport and approximately eight kilometres north of the city centre.

The site benefits from connectivity due to its proximity to the airport, M50, M1, numerous bus routes and the proposed Dardistown Metro stop.

A planning application for the proposed development will be submitted to Fingal County Council.

Chancerygate is the UK’s largest multi-unit industrial developer and asset manager. The company currently has more than 32.51-hectares (3.5m sqft) of industrial space under construction or ready for development across 32 sites ranging from Bournemouth to Edinburgh.

Chancerygate and Bridges were advised on the acquisition by CBRE, while Lisney acted for Careys. Both CBRE and Lisney will be retained as leasing agents on the proposed development.

Chancerygate managing director, Richard Bains, said: “Acquiring the Swords Road site is a very important milestone for Chancerygate as it marks our first ever investment outside the UK.

“We are actively looking for further opportunities in Ireland and expect to be making further announcements shortly.

“We have a clear strategic growth plan and expansion into Ireland and further into continental Europe is a central tenet of it.”

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