THE MITSUBISHI Electric headquarters building fronting on to the M50 in south-west Dublin is to be offered for sale following a decision to merge its warehousing facilities with its European operations.
Agent CB Richard Ellis is seeking in excess of €5.5 million for the eight-year-old building or, alternatively, a rent of €500,000 per annum under a new long term lease.
The building is one of the most recognisable along the southern section of the M50 because of its distinctive totem pole with the familiar Mitsubishi three-diamond logo. The property is located adjacent to the the Ballymount interchange of the M50, nine kilometres from the city centre and close to TV3 in the Westgate Business Park.
The 4,138sq m (44,541sq ft) building is finished to a high standard and includes 1,265sq m (13,616sq ft) of offices. The 2,873sq m (30,924sq ft) warehouse has a clear internal height of 7.5 metres and is accessed via two dock levellers and a grade door fronting out on to its own separate yard.
The selling price takes into account the slippage in values over the past two years. The same building would probably have fetched over €9 million at the height of the market, reflecting a value of €205 per sq ft. The €5.5 million being quoted by CBRE works out at €125 per sq ft even before taking into account that the overall size of the site at 1.4 hectares (3.5 acres) will obviously allow for the building to be substantially enlarged.
Martin Maher, general manager of Mitsubishi Electric Ireland, said this country was an important market for his company and as such they were looking for a new headquarters to better suit their long term business needs. They were integrating their Irish warehousing facilities within their European logistics model and they believed this would deliver greater efficiencies for the business and customers alike.
Garrett McClean of CBRE described the Mitsubishi premises as “one of the finest business units to come on the Dublin market in recent years”. He said the property was likely to appeal to a broad range of companies which would benefit from the 120 metres of frontage on to the M50.
