Pan-European investor and asset manager, M7 Real Estate, is seeking an occupier for the former Bunzl premises at Malahide Road Industrial Park in north Dublin. Now known as Newtown Hub, the 6,924sq m (74,540sq ft) warehouse facility is being offered to the market following the completion of a comprehensive repositioning and upgrade programme by agent Savills at a quoting rent of €895,000 per annum (€12 per sq ft).
M7 acquired the property in near-derelict condition from Hibernia Real Estate Group in 2022 for €6.25 million. It then engaged Arcadis and a wider team of professionals, including Kercon Construction as the main contractor, to substantially refurbish the property.
The works saw the demolition of the existing external outbuildings and canopy and resurfacing of the area to improve loading capacity; remove all asbestos-containing materials; overclad of existing office accommodation and new window sets; the installation of a new heat pump system and EV chargers; and the replacement of all lighting with LEDs.
While the works reduced the building’s gross floor area from 7,697sq m (82,850sq ft) to 6,924sq m (74,540sq ft), M7 is targeting an improvement in the property’s Ber rating from G to B1. The company also secured planning permission for two dock levellers that are available, subject to terms, with the completion of all works expected in the first quarter of 2024.
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The subject property is situated just off the Malahide Road, adjacent to Coolock Retail Park, and occupies a prominent position overlooking the Malahide and Priorswood Roads. The area benefits from excellent connectivity to transport links and infrastructure including numerous Dublin Bus routes, Dublin Airport, the Port Tunnel and the M50/M1 motorways.
James Smith, senior asset manager at M7 Real Estate Ireland, says: “This purchase and our subsequent refurbishment underpin our conviction in the Dublin industrial sector. We identified an opportunity to leverage our asset-management expertise by carrying out a retrofit programme, including sustainability-led improvements to enhance loading operations; offering lease flexibility; plus removing unnecessary spaces and simplifying layouts in order to tailor our product to meet the occupier’s needs. The locality has an abundant pool of skilled labour which we expect to work in the asset’s favour.”
Jarlath Lynn and Gavin Butler, of Savills’ industrial and logistics division, say: “The Newtown Hub facility is an opportunity to operate from a proven strategic and well-connected location, in newly refurbished space. We expect significant interest as occupier demand for warehouse space in this pivotal location remains strong amid an historically low vacancy rate.”
M7 is one of the largest managers of multi-let industrial property in Ireland with close to 254,644sq m (2.75 million sq ft) of space accommodating hundreds of small and medium entreprises across Dublin. M7′s Dublin portfolio comprises some 350 units of industrial space and a number of suburban offices.
