Development 8, a Dublin-based developer, has purchased Naas Road Industrial Park on the western fringes of Dublin City for around €9m. Agents Quinn Agnew had been quoting €7.5m for the property which comprises six self-contained units extending to 8,100 sq m (87,200 sq ft) on a site of 1.7 hectares (4.2 acres).
The news practically coincides with the developer’s receipt of An Bord Pleanála approval for 479 apartments and 37,000 sq ft of commercial space almost across the road at the Concorde Industrial Estate.
Associate company Development Ocht, which means eight in Irish, had applied for a mixed-use development with 492 new residential units at Concorde which also overlooks the Naas Road and Red Luas Line in Dublin 12.
Pádraig Kehoe, director of Development 8, hopes to start work as soon as practicable on the Concorde site.
Naas Road Industrial Park (NRIP) comprises six industrial units, four of which are occupied and producing almost €410,000 in annual rent. The other two are vacant.
Mr Kehoe said that this strategic business park has high-calibre tenants: JC Decaux Ireland Limited, B. Braun Medical Limited, Total ICT Services Limited and LMI Technology Limited.
While the Concorde estate is zoned residential, the NRIP property is zoned Objective Z6 enterprise so Mr Kehoe considers it a long-term hold which will supplement the industrial segment of the firm’s portfolio.
In the meantime, it intends to refurbish Unit 6 at NRIP which extends to 822 sq m (8,855 sq ft) and to sub-divide Unit 4 which extends to 2,715 sq m (29,225 sq ft) in order to offer both separate warehouse space and office suites on a floor-by-floor basis. He is quoting €9.50 per sq ft for the warehouse space.
The office units will expand the range of offers at the park and he expects that when they are available they may generate a relatively competitive rent of about €14 to €15 per sq ft.
Selling agent Manus Agnew, of Quinn Agnew, said the continuing demand for industrial investments was reflected in how eight parties, including some international entities, had competed with bids for the NRIP complex.
The developer’s plans for Concorde include retail, café and restaurant, a medical centre, a car showroom, and a crèche.
Headed by Mr Kehoe and Simon Wagner, Development 8 has developed and manages high-quality, reasonably priced commercial and residential properties across Ireland, the UK, Germany, and the USA.
It owns and manages sites with capacity for over 5,000 housing units and the combined gross development value of its projects in Ireland exceed €1bn.