Self-storage provider Nesta has secured its sixth premises in the capital following a deal with pan-European investor M7 Real Estate for Unit 21 at Churchtown Business Park in south Dublin. Nesta, which is Irish-owned and family-run, is understood to have entered into a long-term lease on the 8,135sq ft unit at a rent of €13 per square foot.
News of the deal comes just seven months after M7 Real Estate acquired Churchtown Business Park for €7 million, bringing its overall holdings in the Republic to 27 assets, extending to just under 1,282,260sq ft, primarily in industrial and logistics space.
At the time of the transaction the south Dublin scheme was already generating €408,000 in annual rental income from a strong tenant line-up including Senator Windows; Tipperary Crystal; Skön; Danish Kitchen Design; Avista Medical; and Webshirts Ltd, trading as Louis Copeland. The letting of unit 21 will bring the total rent to more than €513,000 per year.
Churchtown Business Park is Nesta’s sixth location in Dublin. Its other outlets are situated in Deansgrange, Sandyford, Kylemore Road, Kilbarrack and Santry.
[ M7 Real Estate pays €7m for Churchtown Business Park ]
Commenting on his company’s latest opening, Nesta managing director Brian Hefferon said: “As locations go, Churchtown is second to none. Good-quality premises close to our customers are hard to find and, when this property came to market, we jumped at the chance to extend our services into this new market. From our 30 years of experience, we know how stressful it can be to find a safe space to keep your belongings when moving home or renovating so we are delighted that Nesta can now offer a solution to the local community.”
Nesta’s self-storage customers can choose from seven room sizes and book private-storage rooms for as little as one week. If needs change, room sizes can be changed with no long-term obligation or onerous contracts. Rooms may be accessed seven days a week, including most bank holidays.
Mark Cassidy of M7 Real Estate said: “Unit 21 is the largest in the park, so it was crucial that we found a tenant who suits the unit while complementing our already-diverse, existing tenant mix.”
Stephen Mellon of CBRE says: “With the vacancy rate for industrial and logistics space sitting at an all-time low of sub 1 per cent, we were delighted to act on behalf of Nesta and secure another quality building for them in a superb south Dublin location.”