A superb refurbishment/development 

Savills reports that it has transacted over 250,000 sq. ft. of industrial space in north Dublin over the past six months. With sales transactions almost non existent in the current climate, it comes as no surprise that all of these deals were lettings.

The largest letting was a 12,655 sq. m. hi-bay facility which was let on a new ten year lease with a break at the end of the fourth year from January 2010.

Other deals in recent months by Savills include the letting of Unit 10 North Park to Mainway who have opened an Audi sales and service centre. The property comprises approximately 3,535 sq. m. and has superb high profile frontage onto the M50 motorway, close to the Finglas/M50 junction. The letting was on the basis of a four year nine month lease at an annual rent of €180,000. CBRE acted as joint agents with Savills.

Also in Finglas, Savills handled the letting of Unit 6 Century Business Park, an approx 1,895 sq. m. facility to Homeware Lux, importer and national distributor of homeware products. The letting was on the basis of a five year lease at an annual rent of €140,000 per annum. Also at Century Business Park, Savills handled the letting of Unit 3C, a smaller unit of approx 422 sq. m. to Digi-Scan on a three year lease at €30,000 per annum.

In recent months, Savills have handled the letting of two units on behalf of Park Developments Group at Northwest Business Park, Ballycoolin, Dublin 15. Unit 508B comprises approx 1,395 sq. m. and has been let to Devine Logistics on a 10 year lease at an annual rent rising to €112,600 per annum. Unit 508A comprising approx. 885 sq.m., has been let to MPDI on the basis of a six year lease with a break option at the end of the third year. The annual rent is €61,920.

At Airport Business Park in Cloughran, Savills let a 1,305 sq.m. facility to Louth Commercials on a 3 year lease at an annual rent of €83,000 per annum in February whilst at the nearby Airside Enterprise Centre, the same agent secured a rent of €20,000 per annum on a 299 sq.m. premises from Lenagh’s College of Beauty and Holistic Studies. This lease is for a term of four years and nine months.

Other deals include the letting of a 328 sq. m. at North Ring Business Park, Santry, Dublin 9 to Manroland. At North City Business Park beside the M50/N2 motorway junction, two deals were concluded in recent weeks on units D23 and D26, which comprise approx 296 sq. m. and 287 sq. m. respectively. Unit D23 was let to Frogprints Limited and Unit D26 was let to SGS limited

According to Gavin Butler, Director of Savills, “the above deals are a reflection of the willingness amongst landlords to do deals at reasonable rents and on flexible terms. These deals also reflect the dominance of letting transactions in the industrial sector as some occupiers are unable to secure finance and those with cash are opting to keep it within the business to alleviate cashflow difficulties”. Butler adds that “despite the current economic climate, these deals are evidence that there is movement in the market and a limited number of prospective tenants looking for space.”

For further information on this press release, please contact Gavin Butler on 01 6181340 or email: gavin.butler@savills.ie.