Northwest Business Park logistics facility a value-add opportunity at €11m

Unit 200 generating €600,000 rent from short-term let to parcel service provider GLS

Industrial property specialist Harvey is guiding a price of €11 million for Unit 200 at Northwest Business Park in Ballycoolin, Dublin 15.

The subject property briefly comprises two separate warehouse and office buildings, extending to a total area of 70,267sq ft on a self-contained and gated site of 2.16 hectares (5.34 acres), representing a very low site density of just 30 per cent.

Building 1 extends to 58,329sq ft and has the capacity for HGVs to circulate through the building. The clear internal height is 8m and loading access is provided via five grade-level doors and one dock leveller. Building 2 accounts for the remainder of the overall floor area, with loading access via four grade-level loading doors. Both buildings have single and three-phase power supplies, high-output lighting throughout the warehouses, fully fitted office and staff accommodation finished with suspended ceilings, power and data cabling.

The majority of the site is concrete surfaced and offers excellent HGV parking, circulation and car parking. There is also a dedicated sub-station.

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Northwest Business Park is easily accessible from all major arterial routes, with both junctions 5 and 6 of the M50 motorway just an eight-minute drive away. Both Dublin Airport and Dublin Port Tunnel are within a 15-minute drive of Unit 200.

The sale of the property offers the prospective purchaser short-term secured income of €600,000 per annum (exclusive) until the end of October 2022 from GLS (not affected). The company has an option to extend its tenancy from November 2022 to the end of January 2023. Should it choose to exercise this option, it must do so prior to May 1st, 2022. In that event, the rent payable steps to €750,000 per annum (exclusive) for the extended period. There are no rights in favour of the tenant to occupy the property after January 2023.

Philip Harvey of Harvey says: “The short-term income stream means there are no immediate holding costs while an incoming purchaser formulates a strategy for this well-located, value-add opportunity.

“From an investor or developer perspective, the property offers numerous angles that could be pursued prior to re-letting including, but not limited to, a full refurbishment programme of the existing buildings or demolition of Building 2 and a substantial, increased height warehouse extension to Building 1 bringing it up to a total of approximately 100,000sq ft (subject to planning permission). This could include a bank of dock levellers in the extended section of the warehouse and also facilitate generous HGV parking opposite the existing building.”

Ronald Quinlan

Ronald Quinlan

Ronald Quinlan is Property Editor of The Irish Times