Just more than one week on from its acquisition by Canadian-based Brookfield Asset Management and delisting from the stock exchange, Hibernia Reit is looking to dispose of a large, detached warehouse facility in north Dublin.
Located on a site of 1.5 hectares (3.8 acres) at the entrance to Malahide Road Industrial Park, the subject property is being offered for sale with vacant possession by agent Savills at a guide price of €8.5 million
Previously occupied by Bunzl, the property extends to approximately 7,700sq m (82,882sq ft) including 1,150sq m (12,378sq ft) of office accommodation. The building property occupies a high-profile position fronting on to the Malahide Road roundabout and is situated within easy access of the M1/M50 junction, the Dublin Port Tunnel and Dublin Airport. The warehouse has a clear internal height ranging from 6m to 9m (19.6ft to 29.5ft) with an insulated metal-deck roof and has the benefit of six ground-level roller shutter doors.
The property is in an area zoned under objective Z6 “Employment/Enterprise” within the Dublin City Development Plan 2016-2022. This objective provides for “the creation and protection of enterprise and facilitates opportunities for employment creation”. The property retains the same zoning under the draft Dublin City Development Plan 2022-2028, which is due to be adopted later this year. Permitted uses for “Z6″ under the current and draft plans include industry (light), enterprise centre, science and technology-based industry.
Gavin Butler of Savills says: “This sale represents a rare opportunity for occupiers and investors to acquire a prominent warehouse facility with excellent connectivity to Dublin’s main orbital routes and will be of interest to end users seeking to fulfil last-mile requirements. With the [current industrial and logistics] vacancy rate at an all-time low of just 1.1 per cent, there will be an opportunity for investors to add value and secure a letting in the short term and potentially achieve a rental income in the region of €675,000-€700,000 per annum. The property’s location in an established residential area with excellent public transport means there may also be long-term redevelopment potential.”