IPUT Completes Largest Irish Logistics Letting of 2018 - Construction Network Ireland - Construction Network Ireland

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Published in Commercial Property on 04/10/2018

IPUT Completes Largest Irish Logistics Letting of 2018

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CNI Editor reports

IPUT has pre-let Unit 103 Northwest Business Park, Dublin 15 comprising 12,494 sq m (135,000 sq ft) of high quality distribution space to Sonas Bathrooms. Sonas Bathrooms have signed a long-term lease on the building and will take occupation later this month following the completion of a substantial refurbishment of the building by IPUT.

Unit 103 Northwest Business Park, was acquired with vacant possession by IPUT in January 2018 for € 12.15m and a programme of works commenced in February. The 135,000 sq ft modern facility is situated on a secure 6.45 acre self-contained site and is strategically located close to Dublin Airport with excellent links to the motorway network including the M2, M3 and M50 motorway.

The building has been modernised to the highest standards and provides a clear internal height of 12m, 21 dock levellers, 3 level access doors and generous yard depths of up to 60m which are particularly attractive to logistics operators.

Michael Clarke, Head of Investment at IPUT plc said: “This acquisition and subsequent pre-letting demonstrates the ability of our team to identify assets which have the potential to generate enhanced returns for our investors. We have successfully repositioned the asset which is secured under a long-term lease delivering an attractive income return on cost of 7.3% and generating a profit on cost in excess of 20%.”

Philip Harvey of William Harvey & Company and Gavin Butler of Savills advised IPUT plc on this transaction. JP McDonagh of Knight Frank acted on behalf of the tenant.