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The sale of a warehouse and office building under construction at Vantage Business Park in northwest Dublin has just been agreed for more than €8.85 million through agent Harvey.
It marks a significant transaction in the industrial sector as it comes at a time when many developers opt to lease, rather than sell, buildings to end users. In fact, the agent says this is one of the first sales of a warehouse to an owner-occupier for about two years.
Unit 2 at Vantage Business Park has been acquired by plastic packaging specialist NPP Group. It will extend to 5,483sq m (59,014sq ft), sits on a site of 3.5 acres and is scheduled for completion in December 2019. It will benefit from a clear internal height of 12 metres together with dock level and grade loading access.
Flood family
Vantage Business Park fronts the N2 just off the M50 (Junction 5) and is located in the Dublin Enterprise Zone (DEZ). It is being developed by the Erigo Group, a new industrial and logistics property development vehicle from the Flood family.
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The agent is now seeking a buyer or renter for Unit 1 at the park which will extend to 4,264sq m (45,896sq ft) and can be delivered in a timeframe of about 12 months. Harvey is suggesting an asking price for Unit 1 of €1,615 per sq m (€150 per sq ft) or a rent of €102.25 per sq m (€9.50 per sq ft).
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