A wide range of developers and investors are expected to express their interest in the sale of a portfolio of industrial investment properties at Jamestown Business Park in Finglas, Dublin 11.
The subject portfolio briefly comprises 20 industrial and own-door office units with six tenanted land plots and is being offered to the market by agent Knight Frank at a guide price of €10.75 million.
The properties extend to a total gross external floor area of approx. Some 15,533sq m (167,205sq ft) with the additional lands extending to 1.83 hectares (4.5 acres). In addition to the standing stock there is a development site of 2.4 hectares (6 acres) that includes partially-completed warehouse units.
The investment is producing rental income of €919,421 per annum, with approximately 75 per cent of this income derived from blue-chip tenants including the OPW, An Post and GKN Chep.
Review
Jamestown Business Park is situated within an area zoned Objective Z6 – “Enterprise & Employment” within the Dublin City Development Plan 2016-2022. While the primary objective of this zoning is to facilitate long-term economic development in the city region, Dublin City Council is conducting a review of all the lands zoned Z6 within its administrative area. As a result of the study, the council has identified Jamestown Business Park as being a new key growth area of the city. This suggests the units and lands within the subject portfolio could be open to more intensive development and uses in the future.
Jamestown Business Park is a substantial, well-established and well-located industrial and logistics scheme situated just 8km north of Dublin city centre and1km from junction 5 of the M50 motorway.
Alternative access
The park is accessed via St Margaret’s Road at its western apex close to its junction with the North Road while alternative access is afforded via Jamestown Road at its eastern end, just north of Finglas village. The North Road is a strategic route connecting Dublin city centre with the M50 motorway and wider national motorway network, Dublin Airport and the Dublin Port Tunnel.
JP McDonagh of Knight Frank says “the proposition offers the opportunity to generate significant cash flows in the ever-attractive industrial sector. The portfolio is strategically positioned inside the M50 and is well placed to benefit from any long-term development opportunities, both from an industrial and alternative-uses perspective. We expect to see strong interest in the portfolio from a range of investors and developers.”
