Monday 11 December 2017

Upmarket warehouse unit put up for rent

The facility at Damastown Industrial Park in west Dublin is available for rent on flexible lease terms
The facility at Damastown Industrial Park in west Dublin is available for rent on flexible lease terms
William Harvey and Co are offering this warehouse in Dublin to let
Peter Flanagan

Peter Flanagan

William Harvey and Co have been retained to market a large warehouse facility outside Dublin for rent.

The industrial specialists are seeking to rent out the property at Damastown Industrial Park near Mulhuddart in West Dublin.

The 100,438 sq ft warehouse, which is located at Hall 3 at the Geodis facility on the site, is said to be considered one of the top examples of its kind on the market at present.

The warehouse is described as being of "twin steel frame construction". Internally, there is a minimum clear internal height of 11m, and a clear internal height at ridge of 12.7m.

There are 10 automated dock levellers and one grade loading door.

There is 24 hour security and a fully integrated alarm system as well as numerous CCTV cameras.

Damastown Industrial Park itself is just over 5km from the M50. Other occupiers in the park include IBM, Covidien and Jones Engineering Group.

While no rent is being freely quoted by the agents, other industry experts believe a property like this would likely be available for between €7.50 and €7.95 per square foot.

The warehouse is available for immediate occupation.

Philip Harvey, who is marketing the facility, said the lack of comparable space in Ireland at present would likely lead to significant interest in the property.

"There is a scarcity of Grade A warehousing space in excess of 50,000 sq ft available in Dublin.

"Hall 3 is without doubt the best quality, large scale high bay warehousing space that is available for letting in Dublin currently.

"It is strategically located, temperature monitored and fitted with a sprinkler system. The site has a 24/7 on-site security team. Loading access is superb with 10 No. dock levellers and 1 No grade loading door," he said.

The industrial market has been improving steadily in recent months with appetite for space growing.

Despite that improvement, rents are still not at a level that would make new construction economically viable.

A facility such as this would probably not be worth building unless rents were up around €11 or €12 per sq ft.

Prime headline industrial rents remained stable at approximately €6.50 per square foot during the last three months of 2014 but are expected to increase by as much as 15pc to reach approximately €7.50 per square foot during 2015 as the supply of modern accommodation dwindles further, said CBRE earlier this year.

However there are few industrial properties of top quality on the market at present on flexible least terms.

Industrial takeup last year topped 325,000 sqm, the highest level in a decade.

Indo Business

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