Strong interest is expected in the letting of a unit at Greenogue Business Park from tenants looking for a best-in-class facility in a prime location. The unit will be available for occupation in the first quarter of 2025.
Launched to the market by US investment fund Kennedy Wilson on a leasehold basis, Unit 502B Greenogue Business Park, Co Dublin, extends to about 22,217sq ft, and includes about 6,351sq ft of three-storey office accommodation. The property is undergoing an extensive refurbishment, a process that will take the Ber to a rating of A2.
Kennedy Wilson acquired a portfolio of 12 units across the Greenogue and Aerodrome Business Parks, Co Dublin, for about €39 million in 2022.
Given the shortage of similar accommodation available to tenants in the Dublin market, especially in the southwest corridor, the joint selling agents, CBRE and Harvey, say the launch of this property is timely and are quoting an annual rent of €306,000/€13.75sq ft.
Greenogue Business Park is one of Dublin’s most prominent industrial and logistics locations, with more than six million square feet of stock. It is in a high-profile location just three minutes from the N7 motorway and within eight minutes of junction 9 on the M50. It is home to market-leading occupiers such as Amazon, Google and Uniphar.
The warehouse specification comprises a metal deck roof with photovoltaic roof panels, LED lighting, a 12.5m clear internal height and sealed concrete floors.
The office accommodation is undergoing a high-quality refurbishment to include a feature reception, new air conditioning system, new suspended ceilings with LED lighting, freshly painted and plastered walls, staff kitchenette facilities, new fire alarm, new access control and intercom infrastructure along with new floor coverings throughout.
Stephen Mellon of CBRE Ireland said: “This is a fantastic example of retrofitting an existing unit to attain improved sustainability credentials and meet the requirements of current occupiers. Following the retrofit, this unit will appeal to tenants looking for best-in-class space that can be delivered in the short term. As we know, there is an ongoing shortage of quality industrial and logistics stock along the southwest corridor. This, coupled with a 2.5 per cent vacancy rate and the high specification of Unit 502B, should result in strong demand from occupiers.”
