The IPUT pension fund is to enlarge a modern distribution and office facility at Northwest Business Park in Ballycoolin, Dublin 15, in the expectation that the 9,413sq m (101,320sq ft) building will attract considerable interest.
There are currently no vacancies in similar-sized high-quality properties across Dublin's entire industrial and logistics property market, according to letting agents William Harvey & Co.
Since acquiring the existing 7,946sq m (85,530sq ft) building in an off-market deal towards the end of 2015 for €6.25 million, IPUT has purchased additional land and secured planning permission to substantially increase the size of the facility.
Three entrance gates
Construction is due to commence shortly and the property is expected to be ready for fit-out in Q2 2017. The extended building will stand on a self-contained 5.1-acre site with three entrance gates. It will have a clear internal height of 10m (33ft), nine dock levellers and four extra large ground-level doors.
The site layout will make the building ideal for fast-moving consumer goods (FMCG).
The new-style facility will also have two-storey fully fitted offices and staff facilities extending to 609sq m (6,555sq ft).
The Northwest building is to be offered for letting on a new medium- to long-term lease at a rent €8 per sq ft.
William Harvey describes the rent as “competitive when compared against prevailing new build annual rents of €9 to €9.75 per sq ft.”
The agency envisages a strong level of interest and says there were numerous expressions of interest during the planning process.
