Iput pays €12.3m for Dublin 15 logistics building

Iput property fund has expanded its ownership in the Dublin logistics sector by acquiring a modern building at Northwest Business Park in Dublin 15.

The fund paid €12.3 million for the vacant property and has already embarked on a €2 million upgrade, due to be completed by next July. The purchase means that Iput now owns more than 2 million sq ft of logistics space in strategic locations across Dublin.

103 Northwest Business Park is a prime facility extending to 10,904sq m (117,380sq ft) of cross-docked warehouse space and 1,589sq m (17,104sq ft) of offices and staff facilities. The building stands on a self-contained and gated site of 6.45 acres. Yard depths are up to 60m (197ft), offering generous container parking and marshalling.

Northwest Business Park is strategically located for distribution, equidistant between M50 junctions 5 and 6 and offering easy access to the M1, Dublin Airport and Dublin Port Tunnel.

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Iput has appointed joint agents William Harvey and Savills to lease the upgraded building, quoting an annual rent of €1.15 million, or €8.55 per sq ft.