Work has been completed on Airport Trade Park, a new logistics scheme comprising 11,173sq m (120,260sq ft) of Grade A space.
It was developed on a speculative basis at a cost of €40 million by UK-headquartered industrial developer and asset manager Chancerygate and its joint-venture partner, Bridges Fund Management. The scheme occupies a five-acre site on Swords Road in Santry and sits just 1.7km south of Dublin Airport and 8km north of Dublin city centre. The development comprises 13 units ranging in size from 336sq m (3,615sq ft) to 2,106sq m (22,670sq ft).
Three units comprising a total of 2,899sq m (31,200sq ft) were pre-let ahead of practical completion. Imprint Engine, a corporate gifting and branded merchandise company, has taken a 1,496sq m (16,100sq ft) unit on a 15-year lease, while electrical connectors and tooling manufacturer Cembre will occupy a 701sq m (7,550sq ft) unit on a 10-year term.
The third pre-let has been secured by networking and firewall software company Netgate, which has taken a 701sq m (7,550sq ft) unit on a 10-year term. Both Cembre and Netgate are new entrants to the Irish market, with the former headquartered in Italy and the latter in the United States. CBRE and Lisney are joint letting agents for Airport Trade Park.
RM Block
Chancerygate and 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.
Airport Trade Park is the first development in Ireland for the Bridges and Chancerygate partnership, which has delivered similar projects in the UK together for more than a decade.
Chancerygate development director and head of the Irish office, Ed Dobbs, commented: “Achieving practical completion at Airport Trade Park and securing three pre-lets soon after we have acquired the North Gate portfolio is a true statement of Chancerygate’s intent in Ireland.
“We have delivered an outstanding urban logistics development with our long-term partner Bridges which showcases our high specification, sustainable product in an excellent strategic location.”
Henry Pepper, partner at Bridges Fund Management, said: “There is strong demand for highly sustainable Grade A logistics space that can help occupiers meet their business needs and create local jobs, while also reducing their costs minimising carbon emissions.”
Earlier this year, Chancerygate, which has a Dublin office, acquired the 342,000 sq ft North Gate portfolio from Irish property company Iput for about €60 million. The portfolio comprises 341,900sq ft of space distributed across 12 fully occupied industrial and urban logistics assets close to Dublin Airport within Furry Park Industrial Estate in Santry and North Dublin Corporate Park in Swords.
The portfolio occupier base includes UPS, Euro Car Parts, kitchens and wardrobes retailer The Panelling Centre (with the Chadwicks Group as guarantor), and diabetes care products manufacturer Arkray Ireland.
Chancerygate manages about €688 million (£600 million) of investment assets in the UK and Europe. The company’s investment portfolio comprises more than 500 units totalling about four-million sq ft of commercial space.
