Dublin 12 industrial unit sells for €2.52m – 40% over asking price

High demand at Western Industrial Estate as supply falls short in 10,000-20,000sq ft range

Industrial property specialists Harvey has secured the sale of two older-style industrial facilities, totalling over 37,000sq ft at the Western Industrial Estate in Dublin 12. The units attracted interest from a diverse range of prospective occupiers, a fact which the selling agent says underlines the ongoing strength of demand for space in the 10,000sq ft-20,000sq ft range in a market still short on supply.

In the first instance, the former Actavo facility at Knockmitten Lane North secured about €2.52 million or close to 40 per cent over the €1.8 million asking price. The sale was concluded by way of best bids with nine parties vying for the asset. The property comprises 18,934sq ft of semi-detached industrial and office space, split between two buildings with a mixture of cement fibre and metal-deck roofing. The main attractions of the unit were its REGEN zoning and generous site area totalling 1.56 acres, which represents 0.6 of an acre over the standard industrial site coverage.

Unit 182/183 Holly Road represented the more typical Western Industrial Estate stock, comprising of a semi-detached industrial and ancillary office unit of 18,180sq ft on a fenced and secure site of 0.8 acres. A twin-span space with the original cement-fibre roof, the sale was finalised by way of private treaty.The property was sold for just shy of its €1.65 million asking price.

Commenting on the transactions, Kieran Casey of Harvey said: “The ongoing and well-reported industrial stock shortage is being acutely felt in the 10,000-20,000sq ft size category. This is an asset size in which the current build costs do not yet justify mass development. With no new-build options of this size available for sale, these older-style facilities provide value for occupiers in desperate need of additional space, even after factoring in the cost of a potential roof replacement at some point in the future.”

Ronald Quinlan

Ronald Quinlan

Ronald Quinlan is Property Editor of The Irish Times