Irish property fund Iput has engaged industrial property specialists Harvey to secure a tenant for Unit 1 at Dublin Airport Logistics Park.
At 17,176sq m (184,886 sq ft), the property is the largest warehouse and office facility due to become available in the capital in the coming months.
Since acquiring the building from Eason in a €19 million deal in January of this year, Iput has been directing an extensive programme of works with a view to making the facility available for occupation in August.
Harvey managing director Philip Harvey is offering the property for letting on a new medium to long-term lease at an annual rent of €1,665,000 (exclusive).
Prominent position
Unit 1 Dublin Airport Logistics Park, a high-bay warehouse and office facility, occupies a prominent position at the entrance to the park and sits on a self-contained site of 3.39 hectares (8.4 acres). The property benefits from corporate quality offices, 192 car-parking spaces, dedicated trailer parking, a 37m deep secure yard and excellent loading access via 15 dock levellers and five level access doors.
Located just 250m from the boundary of Dublin Airport, the building enjoys excellent connectivity to Dublin Port Tunnel, Dublin city centre, the M1, M2 and M50 Motorways and all other arterial routes.
Dublin Airport Logistics Park has dual access/egress through direct links to the M2 motorway and St Margaret’s Road. The entrance to Dublin Airport is eight minutes away.
Current occupiers in the park include DHL Express, DHL Global Forwarding, Dnata, Flanagan Fittings, Gilead, Holland & Barrett and Simtech Aviation.
Unit 1 at Dublin Airport Logistics Park is Iput's latest value-add project in the logistics sector. The fund's move to pre-let the property follows on from the respective pre-lettings of 624 Northwest Business Park (9,651sq m/103,883sq ft) to DB Schenker in the third quarter of 2017 and 103 Northwest Business Park (12,493sq m/134,484sq ft) to Sonas Bathrooms in the third quarter of 2018.
Signature building
Iput's logistics holdings currently extend to over 2.5 million sq ft comprising 31 properties located in strategic distribution locations across Dublin. Other occupiers within the portfolio include BWG, DHL, Dunnes Stores, E.M. News, Geodis, IKEA, Musgraves, Nightline Logistics and Uniphar.
Commenting on the opportunity presented by Unit 1 at Dublin Airport Logistics Park, Iput’s head of investment, Michael Clarke says: “Unit 1 is the signature building at Dublin Airport Logistics Park and its acquisition reflects our continued strategy of acquiring large-scale logistics buildings in strategic locations which can be repositioned to provide enhanced income returns for shareholders.
“A considerable investment is being made to ensure that the building is delivered to the very highest standards to include a new FM2 warehouse floor and a greatly-improved configuration to offices, which are being fully upgraded throughout. The property will be available for occupier fit-out at the end of August.”
Philip Harvey, managing director at Harvey, says he expects the location, quality and scale of the property to appeal to a wide range of potential occupiers.
