Dublin logistics facility owned by Iput set for €3m refurbishment
Facility beside Dublin Airport acquired for €19 million
Refurbishment work is already under way at Unit 1 in the Dublin Airport Logistics Park.
Iput is to invest about €3 million refurbishing a large logistics facility it has just acquired for €19 million beside Dublin Airport. The acquisition is sizeable and significant in terms of the industrial market, which has been experiencing renewed interest from investors due to growth in online retailing.
Refurbishment works are already under way at Unit 1 in the Dublin Airport Logistics Park and the building should be ready for occupation this summer.
Industrial specialist William Harvey has been appointed sole letting agent. The going rate for letting similar space in the area is about €96.8-€102.25 per square metre (€9-€9.50 per square foot).
Unit 1 extends to 17,176sq m (184,886sq ft) and sits on a site of 8.4 acres. It was bought with vacant possession in an off-market deal. The building has a clear internal height of 9.5m with extensive loading access from 15 dock levellers and five grade-level loading doors.
Michael Clarke, head of investment at Iput, said the property fund was continuing to “strategically increase” its exposure to the logistics sector and now owns and manages more than 222,967sq m (2.4 million sq ft) of high-quality logistics space in Dublin.
“This acquisition reflects our strategy of acquiring large-scale logistics buildings in strategic locations which can be repositioned to provide enhanced income returns for shareholders,” he said.
Last year Iput acquired two significant logistics facilities in Dublin 15. It paid €12.3 million for 103 Northwest Business Park – a 10,904sq m (117,380sq ft) warehouse with 1,589sq m (17,104sq ft) of offices – and immediately embarked on a €2 million upgrade. Another logistics facility, extending to 9,800sq m (105,500sq ft), was acquired in the same park. “Both of these were pre-let on long-term leases,” said Mr Clarke.