INVESTORS AND developers with an interest in setting up an industrial portfolio will be interested in the former Tesco distribution centre off Greenhills Road in Tallaght, Dublin 24, which is for sale by private treaty.
DTZ Sherry FitzGerald is seeking €15 million for the building which extends to 22,623sq m (243,514sq ft) and stands on a site of 4.97 hectares (12.28 acres).
Tesco opened a new distribution warehouse in Donabate, north Co Dublin towards the end of 2007 and later agreed a sale and leaseback of the facility for €116 million. The new owner of that 72,462sq m (780,000sq ft) facility is a business syndicate assembled by business services giant KPMG. Tesco plans to use the proceeds of the sale as part of its funding for the opening of 16 additional retail stores in Ireland by February, 2009.
The Tallaght complex has not been used since last May but is in good condition, according to the selling agent.
The warehouse covers an area of 21,441sq m (230,791sq ft) and includes 16 loading bays with an eaves height of 5 metres. Office accommodation of 1,182sq m (12,723sq ft) is provided in a separate single-storey block to the east of the warehouse. The site is zoned "to provide for enterprise and employment and related uses" and there's also the option of developing general industrial facilities, a motor sales outlet, offices, a transport depot and warehousing.
DTZ says the site would be ideal for a development of industrial units of 1,858-2,787sq m (20,000-30,000sq ft) and enterprise buildings of 278-557sq m (3,000-6,000sq ft).
Peter Lynch of DTZ says that, with demand for industrial units still particularly buoyant in the Tallaght area, they expected strong interest in the Tesco property from both owner-occupiers and developers wishing to embark on a high-spec industrial scheme.
Nearby business occupiers include Power City, Bolands, Xtravision, Heat Merchants, Sam Hire and Hyundai. The M50 exit at Ballymount provides easy access to many of the country's main routes, including the Port Tunnel, Dublin Airport and Dublin city centre.
