Saturday 18 November 2017

Prime industrial land put on the market for €4.75m

Baldonnell Business Park in Dublin 22 which has been put up for sale with a guide price of €4.75m
Baldonnell Business Park in Dublin 22 which has been put up for sale with a guide price of €4.75m

Peter Flanagan Commercial Property Editor

A land bank outside Dublin has been put on the market with an asking price of nearly €5m.

The industrial landbank at Baldonnell Business Park in Dublin 22 is guiding €4.75m, with Savills and CBRE handling the sale.

In total, some 14.77 hectares (36.49 acres) is available at the business park on the N7 in Dublin 22.

The properties are available in one or more lots.

Lot 1 comprises the largest land bank totalling 12.69 hectares and situated on the southern boundary of Baldonnell Aerodrome. Lot 2 comprises approximately 0.93 hectares while Lot 3 covers 1.15 hectares with a frontage onto the N7 dual carriageway.

The guide prices for Lots 1, 2 and 3 are €3.5m, €500,000 and €1m respectively. The guide price for the entire in one lot is €4.75m.

Baldonnell Business Park was initially developed by construction firm SIAC in the late 1990s and has grown to be a popular business park incorporating corporate HQ facilities such as MJ Flood, logistics buildings, motor distribution facilities such as Seat and Saab, together with smaller business and enterprise units.

The business park faces onto the Naas dual carriageway, offering relatively straightforward access to Dublin airport and the south of the country.

The park is less than 2km from the outer ring road and 6.5km from the M50/N7 junction.

SIAC fell into examinership in October 2013, putting more than 250 jobs at risk at the time. However, it successfully came out of examinership in late February 2014.

As part of the scheme of arrangements, SIAC Holdings was split into two – a property company and a construction company. The debt was transferred to the property company, allowing the restructured construction company to continue to trade. The debtors took control of the property company and are selling the assets at Baldonnell Business Park.

Garrett McClean and Gavin Butler who are acting as agents over the site commented: "The properties for sale at Baldonnell Business Park will be of interest to developers seeking to gain a foothold in the industrial land market along the N7 of which there are limited opportunities.

"The smaller site fronting the Naas Road will be of interest to owner occupiers seeking a rare opportunity to acquire land with unrivalled frontage onto Dublin's busiest arterial route.

"With over 70,000 vehicles passing Baldonnell Business Park on a daily basis, the location is ideal for occupiers, developers and investors seeking to take advantage of current values, whilst securing prime industrial stock where there is limited supply of same."

A host of industrial sites have come to the market in recent months. The rental market for the sector has at least stabilised this year after several years of sustained falls.

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