A large land bank with 600m of frontage to the M50 in north Dublin – the planned setting for Abbotstown Business Park – is on the market at €11.9 million through industrial specialist Harvey.
It was last on sale in October 2013 at €6 million and a sale was completed. The guide price in 2013 equated to less than €100,000 per acre after being valued at close to €1 million an acre during the boom. At the time industrial sites were experiencing exceptional falls in value as banks put pressure on owners to sell off distressed assets.
Stadium Developments originally secured planning permission for a mixed-use industrial/warehouse/office park in 2006 extending to 76,115sq m (819,294sq ft) on this site.
An Bord Pleanála subsequently ruled that a number of units should be omitted and changed the use of some buildings from office to light industrial.
The overall planning permission ran for 10 years and cleared the way for 27 buildings, two of them offices with floor areas of 13,032sq m (140,275sq ft), 14 light industrial/warehouse buildings, seven blocks of starter units and four blocks of business units. This permission has been extended up to April 2022.
Agent Philip Harvey believes a buyer may apply for a revised planning permission that "reflects the change in end user requirements towards larger-sized industrial and logistics buildings".
The proposed park is accessed off a new roundabout on the Cappagh Road. This part of Dublin, between the N2 and N3 corridors, has seen numerous industrial developments over the last decade.
Industrial and logistics property has seen a recovery in capital and rental values in the past two years as the march of online retailing is boosting demand for space.