Agent Harvey has been instructed to re-launch the sale of the former Atlantic Mills facility in Co Longford by way of public tender on Tuesday, November 4th at 12pm.
While the property had originally been offered for sale by private treaty in June, the vendor has opted now to go the public-tender route to secure certainty on the timing of the property’s disposal. The guide price has also been reduced from its original level of €7.25 million to €4.95 million. The new price equates to just €13.75 per sq ft after allowing €10,000 per acre on the 60 acres that would be surplus to standard site densities.
In addition, the property is now being offered with the benefit of a lease to Flamers (Ireland) Sales & Distribution Ltd. in a 83,000sq ft section of the building for another 7.8 years and paying a rent of €247,000 per annum (exclusive) rising to €300,000 per annum (exclusive) in 2028.
The purchaser of the Atlantic Mills facility will have the option to buy the asset directly and pay 7.5 per cent stamp duty or to buy the company that holds the asset and pay 1 per cent stamp duty on the transfer of shares.
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The property is just off the N5 outside the town of Termonbarry, 10 minutes’ drive from Longford town centre and 80 minutes’ drive from the M50 motorway. The site is bounded by the river Shannon for 730m.
The building, originally a jeans factory, has an overall floor area of 33,445sq m (360,000sq ft), with clear internal height of 7.7m-10.5m. Those heights lend themselves to a wide variety of industrial uses and warehousing, with planning permission in place for both.
The main building is split into five large halls with a link to a single-storey office block. Externally, there is car parking for about 300 cars plus yard and marshalling areas. Loading access is available via four dock levellers and nine level-access doors.
The selling agent says the property would be suitable for prefabrication, logistics, engineering, green energy, recycling or possibly a data centre, subject to the necessary planning permission and power where required.
The property is in an area that qualifies for €169 million of Just Transition grants. Planning permission has been obtained for a 4MW solar farm on 19 acres of the site, a 40MW battery farm on 1.3 acres and for recycling in part of the building. The property has a water-treatment plant and storage tanks on site.
While the facility had been the subject of proposals for the development of a multimillion-euro waste-to-hydrogen facility, those plans were abandoned before the decision of its current owner, the Mashup Group, to dispose of the property. The Mashup Group acquired the property for €5 million in 2021.
