Having already secured in the region of €50 million from the sale of the 47.92-hectare (118.40 acre) Killamonan Business Park to Iput Real Estate, developer Mick Bailey’s Bovale Developments has completed the disposal of another of its large M50 logistics landbanks for about €44.6 million.
Extending across a total area of 36.9 hectares (91.4 acres) and zoned for employment use, Dublin Central Logistics Park, as it is known, has been sold to three separate purchasers, with all three transactions completing simultaneously.
The Central Bank of Ireland has acquired 29.3 acres of the lands to provide for the relocation of its cash centre operations from their current and long-standing home at Sandyford in south Dublin. Nocsy 5 Ltd, a subsidiary of Con McCarthy’s Sandymark group of companies, has acquired the adjacent 57-acre industrial site with a view to developing it in a manner similar to its existing logistics scheme at Greenogue Business Park in Rathcoole. The remaining 5.1 acres at Dublin Central Logistics Park, meanwhile, has been purchased by a private investor. The sale of all three lots was brokered by joint agents Cushman & Wakefield and Savills on behalf of Bovale and Nama.
While the prices paid by the purchasers have not been disclosed The Irish Times understands that the lands at Dublin Central Logistics Park achieved about €488,000 per acre. Taking that figure the Central Bank paid about €14.3 million for its new site, while Sandymark and the private investor paid some €27.8 million and €2.49 million for their respective portions of the lands.
The €44.6 million paid for Dublin Central Logistics Park represents a 31 per cent premium on the €34 million price which had been guided when the joint selling agents brought it to the market in August 2022.
Situated on the northeastern corner of junction 5 of the M50 and M2 motorways, Dublin Central Logistics Park is zoned in its entirety for general employment (GE) use under the draft Fingal County Development Plan 2023–2029.
The lands are predominantly in agricultural use at present and include a large two-storey vacant residence and four light industrial units on approx 0.97 hectares (2.40 acres) accessed directly off the R122 Road.
