Investors and developers looking to secure a foothold in an area of Dublin primed for residential-led regeneration will be interested in a site being offered to the market by industrial property specialist Harvey.
While the sale of 73 Cookstown Industrial Estate in Tallaght offers the prospective purchaser the opportunity to secure a 1,601sq m (17,233sq ft) warehouse premises suited to logistics use in the near term, the property and its 0.7 acre site have potential for housing in the future.
Under the terms of the draft South Dublin County Development Plan (2022- 2028), the site is zoned Objective REGEN, the stated purpose of which is “to facilitate enterprise and/or residential-led regeneration subject to a development framework or plan for the area incorporating phasing and infrastructure delivery”.
Although a planning application for 64 apartments over ground-floor retail in a five- to six-storey building with 37 car spaces was refused in April 2021 on the basis that it was premature, however, the selling agent believes the subject site has future potential for a lower-density redevelopment in conjunction with adjoining sites.
As a standalone building for warehouse use in the near to medium term, Kieran Casey of Harvey says the subject property would benefit greatly from a complete refurbishment programme, to include reinstating both the original and the warehouse extension areas to open-plan spaces, together with the removal of the building’s substantial mezzanine floor.
Commenting on the sale, he says: “In very close proximity to the property, plans for construction of a two-way single carriageway road connecting Cookstown Estate Road to Belgard Road will go out for public consultation very shortly, subject to finalising consent with the affected landowners. The proposed new street will form part of a wider integrated street network in the locality.
“Aside from the future, medium-term redevelopment potential, this represents a superb, value-add opportunity for owner occupiers, investors and developers alike at a time when Dublin’s industrial and logistics property market is experiencing record low vacancy rates. Cookstown Industrial Estate is a popular and long-established location.”
73 Cookstown Industrial Estate is being offered for sale by private treaty at an asking price of €990,000 (exclusive).
