Despite a softening market, a speculative hi-tech business park development in Naas, Co Kildare, has attained a good level of lettings to date. Rents for the first phase of 175,000 sq ft of buildings at Millennium Park are pitched in excess of £16 (€20.31) per sq ft.
The South Western Area Health Board was the first tenant to sign a lease for the Millennium Business Park. A Scott Tallon Walker designed three-storey 40,000 sq ft building overlooking the Grand Canal will become the new regional headquarters for the health board. The modern building is triangular in shape, and is one of two identical buildings.
The second building has recently been acquired by GEA Tuchenhagen, which is relocating from nearby Citywest. GEA Tuchenhagen is paying in excess of £16 per sq ft plus a fee for car-parking space.
The Naas park, which is being promoted by Kildare businessman Jerry Conlon, fronts onto the M7 motorway. Irish Intercontinental Bank and Anglo-Irish Bank are providing major finances for the development, which will have an end value of £350 million (€444.408).
The agent, Lisney, reports a good level of interest for the remainder of the units at the park. Four more office blocks in the first phase are nearing completion. Each of the four three-storey buildings is 20,000 sq ft in size. A number of these are under negotiation.
The location of the business park on the M7 is a big factor in its success. Rents at Millennium are also a factor - prices for a similar development in Leopardstown in south Co Dublin are pitched between £18 (€22.85) and £20 (€25.39) per sq ft.
The lower density of development at the Naas park also appeals to certain corporate clients. On completion there will be substantial office space on the 200 acres.
Phase two of the development, which is still currently at planning stage, will include more office buildings, a nine-screen cinema, a hotel and leisure centre, convenience stores and creche facilities.
These facilities will be a distinguishing feature of the development and are seen by the developers as "essential ingredients in the support of current and future client and staff expectations."
