THE Irish Pension Fund Property Unit Trust has found a tenant for a 40,000-square-foot warehouse it bought for around £2.5 million at Furry Park in Santry, Dublin 9. Distribution company Roadferry is to pay a rent of £6 per square foot for the building, which was developed by Ken Rohan. The yield will be in excess of 10 per cent. Bill Tuite of Jones Lang Wootton handled the letting. About 250,000 square feet of new space has already been completed and occupied in the park, which is close to Dublin Airport. There is planning permission for two further warehouses, one of 35,000 square feet and the other of 19,000 square feet.
A short distance away, Mr Rohan has begun a speculative development on a new scheme, the North Ring Business Park, which overlooks the dual carriageway. Work is nearing completion on buildings of 36,000 and 19,000 square feet. Four further units each of 5,000 square feet are also under construction. Jones Lang Wootton is the letting agent.
In west Dublin, the same agents have sold six acres at the rear of Clondalkin Industrial Estate for £600,000 on behalf of Roadstone. The purchaser was Extra Space, which builds prefabricated accommodation.
Meanwhile, Lambert Smith Hampton is seeking £750,000 for an industrial investment at Cherry Orchard Industrial Estate in Dublin 10. The 20,000-square-foot unit is rented to Dalgety Irish Food Ingredients, a subsidiary of Dalgety plc, at a rent of £70,000. The 35-year lease dates from 1980.
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