Prime Hi-Bay Logistics Facility To Let - Unit 1 Northern Cross Business Park, Dublin 11
DUBLIN, April 2019 – Given the continual scarcity of modern facilities in core Dublin locations and with Brexit-related demand expected to increase in 2019 as companies attempt to streamline and adapt their supply chains, CBRE are expecting strong interest in the letting of Unit 1 Northern Cross Business Park.
Unit 1 Northern Cross Business Park is an excellent example of prime logistics accommodation strategically located at the M50/N2 motorway junction. The property is positioned approximately 11 km south west of Dublin Airport and approximately 9.5 km west of Dublin Port Tunnel.
Total take-up in 2018 was approx. 300,000 sq. m, up approximately 22% on the volume of take-up recorded last year. Lettings accounted for 69% of transactional activity in the industrial and logistics sector with unsatisfied demand standing at 30,785 sq. m by the end of 2018. This strong stream of demand is emanating from retail / eCommerce, logistics operators including 3PL’s, Freight Forwarders and general storage and distribution companies.
The average vacancy rate in 25 of Dublin’s most modern industrial and logistics parks was 8.04% at the end of Q4 2018, down from 8.23% last quarter. Also, 8 of these 25 parks had no vacancy.
Unit 1 Northern Cross will appeal to these logistics and distribution operators affected by the lack of available quality warehousing. Overall, unit 1 extends to approx. 3,356 sq. m (36,129 sq. ft.) including fully refurbished two storey offices of 382 sq. m (4,112 sq. ft.) and high bay warehousing extending to 2,974 sq. m (32,017 sq. ft.). Unit 1 offers a clear internal height of 12 meters, extensive pallet racking, warehouse heaters including destratification fans, excellent loading access via three dock levelers and one roller shutter door and direct access to the M50 Motorway (700 meters).
CBRE are quoting a competitive guide price of approx. €323,000 per annum (approx. €8.95 per sq. ft.) exclusive.
Growth is currently being experienced in all aspects of the supply chain generating a strong increase in demand for logistics space in Dublin. In the current market, demand is outstripping supply with the majority of speculatively developed industrial buildings being pre-let or letting relatively soon after practical completion. With growth in the industry set to continue and the demand for high quality warehouse going somewhat unsatisfied we expect strong interest from logistics and distribution operators in Unit 1 Northern Cross - one of very few prime logistics facilities currently available in Dublin.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
CBRE U.C., (CBRE Ireland) registered in Ireland, no. 316570. PSRA Licence No. 001528 is the country’s largest commercial real estate services company with offices in Dublin and Cork. Currently employing over 150 employees, we work with occupiers, investors and developers of office, industrial and logistics, retail, hotel and healthcare property, providing strategic advice and execution for property sales and leasing; tenant representation, corporate services; property and project management; appraisal and valuation; development services; investment management and debt advisory; business rates and compulsory purchase and research and consulting. Please visit our website at www.cbre.ie