Irish Life Investment Managers have secured the largest logistics letting of the year to date with the agreement of a new long-term lease of Unit Q1 at Aerodrome Business Park in Rathcoole to PRL. The off-market deal will see the Irish-owned logistics specialist occupy the detached warehouse facility, which extends to 16,072sq m (173,000sq ft) on a 7.5-acre site, on a full repairing and insuring lease for 25 years, with a tenant-break option in March 2037, at an annual rent of €12.75 per square foot (exclusive).
PRL is an Irish and UK company specialising in logistics management, freight, sales, marketing and offering a full 360° outsourced business service.
Purpose-built by Clonmel Enterprises in 2010 to a specification exceeding industry standard at the time, Unit Q1 has a B1 Ber rating. Key features of the warehouse include enhanced cladding thicknesses, superior air tightness, 16 dock levellers, two level-access doors, a 138 ft (42 m) deep service yard, a 39 ft (12m) clear internal height and separate operations offices. The facility’s CAT A office and staff facilities are equipped with air conditioning and a passenger lift. The property also has separate entrances for cars and HGVs and has 185 car-parking spaces.
Irish Life acquired the Dublin property, for its part, for €28.1 million in 2017. At the time of its purchase, the building was fully let to Culina Logistics Ireland Ltd – backed by rental guarantees from two major UK logistics businesses – on a long lease from January 2010, at a rent of €1,808,602. The new long-term lease agreed with PRL will see Irish Life generate some €2.2 million in annual rental income from the facility.
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Commenting on her company’s decision to locate at Aerodrome Business Park, Violet Devereux, chief executive of PRL, said: “Unit Q1 will play a pivotal role in enhancing our warehousing infrastructure, supporting the needs of our fast-moving consumer goods ambient and chilled clients while contributing to our long-term growth strategy.”
Philip Harvey, managing director of industrial property specialist agent Harvey, added: “This letting represents a significant milestone for us, having been involved in the original pre-let in 2010, the investment sale in 2016 and now this transaction”.
