Palm Capital announces first letting at €85m Greenogue Logistics Park

US group Tosca will specialise in packaging and pooling solutions from new facility

Greenogue Logistics Park in Rathcoole, Co Dublin

Greenogue Logistics Park in Rathcoole, Co Dublin

 

Reflecting the growing demand for well-located logistics units, Palm Capital has announced the first letting of a purpose-built warehouse facility in southwest Dublin to Tosca, a global solutions provider.

Last year, the real estate private equity firm announced its commitment to fund the construction of two of the largest ever speculatively built warehouse facilities at Greenogue Logistics Park, 22km from Dublin city centre. The two buildings were developed by Palm Logistics, an affiliate of UK-based Palm Capital and its local partner, Jordanstown Properties.

While Palm Logistics is a relatively new entrant to the Irish market, it has significant experience in the delivery of major speculative warehouse developments, with successful projects completed in Madrid and Copenhagen.

Jordanstown Properties has, through its sister company Sandymark Investments, developed more than three million square feet over the past 25 years at Greenogue for both national and international occupiers.

Now with the first building completed, Tosca, a global solutions provider with its headquarters in the US that supports food supply chains for major supermarket operators, has confirmed it will become a tenant at Greenogue. Tosca will specialise in packaging and pooling solutions for its customers from this new facility, its first in Ireland.

Building spec

Building 1 has 81,000sq ft available to lease immediately. The building is arranged to accommodate more than 18,500 (narrow aisle) and 14,000 (wide aisle) pallet spaces.

Building 2, which will be 286,000sq ft on 13 acres, will have a yard depth of more than 80m, designed specifically to accommodate the demands of today’s large logistics and courier companies that operate with high volumes of truck movements and require extensive trailer parking.

This building is due to be completed in the next two months. It is arranged to accommodate more than 55,000 (narrow aisle) and 46,500 (wide aisle) pallet spaces.

The development is expected to be valued at about €85 million upon its completion.

Nigel Healy, head of JLL’s industrial and logistics division, said: “Greenogue is a premier location for logistics. This is reinforced by the depth and quality of occupiers who have chosen Greenogue as a location to base their businesses. An occupier will operate alongside the likes of Amazon, Zeus Packaging, PRL Group and Uniphar, to name a few.”

Gavin Butler, head of Savills’ industrial and logistics division, added that with warehousing space “at an all-time low”, the development will offer occupiers the opportunity “to immediately operate their business in a more efficient and effective real estate platform, rather than having to wait for a new facility to be planned and built”.