The UK-headquartered industrial developer and asset manager Chancerygate has entered the Irish market with a €4.5 million deal for a 2.1 hectare (five acre) site on the Swords Road in Santry.
The transaction, which it completed with its longstanding investment partner, Bridges Fund Management, represents Chancery's first investment outside the UK.
Subject to planning permission, the joint venture partners intend to speculatively develop 114,000sq ft of grade A urban logistics and warehouse space on the site. The proposed accommodation will be distributed across 14 units ranging in size from 3,500sq ft to 20,675sq ft. All the units will be available leasehold and, once complete, the development will have a gross development value of around €35 million.
The site's former owners, construction company Careys, had used the property previously for office accommodation and civil engineering yard space. The subject holding is well located just 1km south of Dublin Airport, approximately 8km north of Dublin city centre, and within a short drive of the M50, M1 and the wider motorway network.
A planning application for the proposed development will be submitted to Fingal County Council within the coming weeks.
Chancerygate is the UK’s largest multiunit industrial developer and asset manager. The company has more than 3.5 million sq ft of industrial space under construction or ready for development across 32 sites in the UK.
Commenting on his company’s first Irish deal, Chancerygate managing director, Richard Bains, said: “Acquiring the Swords Road site is a very important milestone for Chancerygate as it marks our first ever investment outside the UK. We have a trusted funding partner in Bridges . . . [and] are actively looking for further opportunities in Ireland and expect to be making further announcements shortly.”
Focus
Chancerygate has offices in London, Warrington, Birmingham, Bristol and Milton Keynes. The proposed Swords Road development will be overseen by development director Mike Walker, who is head of the company’s Warrington office.
Bridges is a specialist investor. Its property funds focus on sectors that are well placed to benefit from the transition to a more sustainable and inclusive economy, including healthcare, lower-cost housing and sustainable logistics.
Bridges partner Guy Bowden added: “In the last few years, in partnership with specialist developers like Chancerygate, we have shown that there is strong market demand for high-quality sustainable logistics sites near urban centres . . . We are excited to bring this proven model to Ireland.”
Chancerygate and Bridges were advised on the acquisition by CBRE while Lisney acted for Careys. Both CBRE and Lisney will be retained as leasing agents on the proposed development.
