€3.5m Naas Road deal lifts industrials
The sale of the former McCormack MacNaughton premises on the Naas Road in Dublin, for more than €3.5m, was the high point of the industrial property market in the third quarter of the year.
The agents William Harvey declined to comment on the sale by receiver Billy O'Riordan of PwC. The property is believed to have been bought by Vincent Cosgrave, owner of the Sheldon Park Hotel on Dublin's Kylemore Road.
A clean-up is under way on the 5.33-acre site and its two detached buildings with a combined floor area of almost 4,600sqm. This has lead to speculation that Mr Cosgrave, who developed Sheldon Park himself, may be about to let out the property for warehousing and/or showroom accommodation.
It is located next to Louis FitzGerald's hotel, and benefits from 110 metres of high-profile road frontage on one of Ireland's busiest arterial routes.
Meanwhile, agents CB Richard Ellis report a 47pc increase in take-up of industrial space in the third quarter of this year compared with the previous three months. As much as 40,469sqm was taken up in the quarter, bringing the total for the first nine months of 2011 to 107,242sqm. There were 23 lettings and six sales signed in the quarter.
Sales included units 502 and 503 in Profile Park which between them extend to 3,734sqm. They are also located in the Dublin south-west (N7) corridor which accounted for the greatest proportion of industrial activity in the three-month period.
Overall demand for industrial accommodation rose 8pc compared with the second quarter. About 35pc of demand is for space on the Dublin north N2 corridor. CBRE director Garrett McClean says prime rents are stabilising at €65 per sqm.
Harveys negotiated two Dublin lettings including one to Logic Fleet Management, which is leasing Unit 5, Cookstown Industrial Estate, at an average headline rent of about €43 per sqm.
A new bakery is taking a 10-year lease at an average headline rent of €48.50 per sqm for a detached, fully fitted production warehouse and office facility of 3,534sqm at Poppintree Industrial Estate, Finglas, Dublin.