The UK’s largest urban logistics property developer and asset manager is closing in on the purchase, for over €60 million, of a large-scale industrial portfolio comprising a range of assets at two of Dublin’s foremost industrial parks.
Chancerygate is understood to have seen off competing offers for The North Gate portfolio, a collection of 12 properties distributed across a total gross external area of 341,900sq ft at Furry Park Industrial Estate and North Dublin Corporate Park. The portfolio, which is fully let, was offered to the market by Savills on behalf of Irish property company Iput at a guide price of €55 million in September.
Seven of the properties are located at the Furry Park scheme while the remaining five units are located in North Dublin Corporate Park.
The seven units at Furry Park are occupied by a range of tenants, namely Inpost Ireland, UPS, Euro Car Parts, Hevac Ltd, Soudal Ltd, Hager Ltd, and The Panelling Centre Ltd (with the Chadwicks Group as guarantor).
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The five units at North Dublin Corporate Park are occupied by Arkray Ireland Ltd, World Courier Ireland (trading as Cencora), Fisher & Paykel Appliances, Schenker Ireland (trading as DSV) and Realt Paper.
Elsewhere in the capital, Chancerygate is currently in the process of developing a logistics scheme comprising 11,101sq m (119,500sq ft) of space at a site on Swords Road in Santry, Dublin 9. The new urban logistics park, will comprise 13 units ranging in size from 330sq m (3,600sq ft) to 2,100sq m (22,370sq ft).
Airport Trade Park, as it will be known, will have a gross development value of about €45 million upon completion. Chancerygate and its longstanding investment partner, Bridges Fund Management, acquired the Santry scheme’s five-acre site for €4.5 million from Carey Building Contractors in 2022. The site’s former owners had used the property previously for office accommodation and civil engineering yard space.
Chancerygate is the UK’s largest urban logistics property developer and asset manager, with offices in London, Birmingham, Bristol and Warrington. In addition to Dublin, Chancerygate also has European offices in Madrid and Lisbon.
