Fonthill Business Park logistics facility to let at €7.54 per sq ft

Companies looking for a substantial facility to accommodate their headquarter operations may be interested in a property being offered to the market by industrial specialist Harvey.

Unit 21 Fonthill Business Park is available by way of lease assignment or sub-letting following the decision by the current tenant Healthcare 21, a prominent medical devices company, to relocate to another property in southwest Dublin.

The subject property comprises 8,013sq m (86,252sq ft) of warehouse and office accommodation on a site of 1.65 hectares (4.07 acres). The 10m high warehouse measures 4,894sq m (52,679sq ft) with an additional 338sq m (3,638sq ft) of sub-mezzanine space with seven dock levellers and one level-access door.

There are three-storey corporate offices to the front of the property and these are linked to the warehouse by a full-height, glazed atrium that is currently used as a staff canteen. The office reception features a triple-height glazed atrium with an open-tread staircase and passenger lift. The offices extend to 2,300sq m (24,757sq ft) and consist of a mix of open-plan accommodation, executive offices, meeting rooms, training rooms and a boardroom. The finishes include raised-access floors, suspended ceilings with recessed light fittings, gas heating and air conditioning, data cabling, and internal access control.

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Healthcare 21’s 10-year lease expires in June 2023 allowing an assignee to apply for a new lease upon expiry. The current passing rent of €650,000 equates to €81.11 per sq m (€7.54 per sq ft) which is well below current market levels. The lease provides for a fixed uplift to €675,000 in June 2021 and to €700,000 in June 2022. Alternatively, the tenant would consider a sub-letting for 2.5 years.

The arrival of Unit 21 to the market is notable given the ongoing dearth of available space in Dublin’s industrial and logistics market. There are currently just four Grade A warehouse facilities of 1,858sq m (20,000sq ft) or greater available to let for immediate tenant occupation in the capital.

Kevin McHugh of Harvey says: “This high-quality HQ facility is sure to appeal to companies requiring a strong corporate image. In addition, with many companies scrambling for warehouse space on foot of Brexit, the short-term lease available may prove attractive, even for tenants who require far less office space than the building provides.”

Fonthill Business Park is a well-established and actively-managed retail and logistics scheme. The development is located just 2km from the N4/M50 interchange giving occupiers ready access to the country’s wider road network, Dublin Airport, Dublin Port, and Dublin city centre.

Current occupiers at Fonthill Business Park include Musgrave, Glanbia, Whirlpool, Dunlop, Amari, DID Electrical, An Post, Avery Dennison and Consentino. The retail park at the front of the scheme features both Aldi and Lidl supermarkets, Homebase, Home Store & More, EZ Living, Power City, Intersport Elverys, and Cash & Carry Kitchens. In terms of staff amenities, there is a Londis convenience store and a Costa Coffee outlet.