Jamestown Business Park Finglas Dublin 11
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JAMESTOWN BUSINESS PARK FINGLAS, DUBLIN 11 UNIQUE INDUSTRIAL INVESTMENT OPPORTUNITY (TENANTS NOT AFFECTED) N2 Dun Na Si Ardrums M2 Swords LOCATIONMalahide 3 CHARLESTOWN SHOPPING CENTRE 5 Rathrone M1 Jamestown Business Park is a substantial Park JCT 5 M50 MOTORWAY 2 situated approx. 8.0 kms north of Dublin city centre Kilcloon M3 DUBLIN Portmarnock N2 AIRPORT and approx. 1.0 km from the M50 Motorway at Dunboyne Northern Junction 5. Enfield 1 M4 4 Cross Clonee 4 3 4 M50 The Park is accessed via St. Margaret’s Road at its 5 Clongriffin Johnstown Corduff westernBALDOYLE apex close to its junction with the North Bridge ST. MARGARET’S ROAD JAMESTOWN Coolock Ongar BUSINESS PARK 2 Road whilst alternative access is afforded via Moyglare Hall 3 Jamestown Road at its eastern end, just north of 2 Beaumont Sutton Maynooth Finglas Village. The NorthHowth Road is a strategic route Kilshanroe MYGAN BUSINESS PARK 6 N2 M50 connecting the city centre with the M50 Motorway Castleknock Drumcondra which subsequently provides direct access to the Fanagh M50 national motorway network, Dublin Airport and the 7 N3 M4 Leixlip Dublin Port Tunnel. Palmerstown JAMESTOWN 6 5 Lucan 3 7 4a 2 DUBLIN BUSINESS PARK N4 N4 The various properties are accessed via an internal 4 Backweston estate road serving the entire estate and which The Greenhill N4 Docklands Derrinturn Ballyfermot provides a link road through the Park from east to Adamstown Celbridge west. Rathcoffey N81 Staplestown Ballsbridge N11 The immediate area is mixed use in character comprising large scale commercial developments 1 Donnybrook such as Charlestown Shopping Centre, North City N7 9 Straffan Walkinstown Terenure Business Park & Century Business Park interspersed 10 N81 Clonskeagh with residential neighbourhoods at Charlestown, Castledillon 2 Belgard The Cott M50 N31 Meakstown and the aforementioned Finglas Village Churchtown 3 and its surrounding catchment. Blackwood Clane Tallaght JAMESTOWN ROAD 11 N11 Dun Ardclough Templeogue Dundrum Laoghaire Allenwood N81 N7 Stillorgan N81 Ratfarnham Saggart Citywest Sandyford 12 N31 Foxrock Cabinteely 13 Robertstown 14 Leopardstown M50 N11 Williamsville Industrial N2 Estate Carrickmines Dublin Airport & M1 N7 15 Kilmeage 4 Clonagh M50 Allen MAYESTON HALL IKEA Carragh M11 T ’S RD 5 ST MARGARE D 17 R S R ’ T 1 E 0 R 8 INVESTMENT SUMMARY A Gulliver’s Retail G Charlestown R A J Park A M Shopping Centre M Naas T E S S T O • Unique industrial investment opportunity currently W 5 ME N LV I R LLE 5 D RD D producing €919,421 per annum. R R S Milltown ’ 1 T Manor 3 E M50 R M50 5 A Kilbride N G O R • Blue chip tenants include OPW, An Post & GKN Chep. R R A 1 T M 0 H T M7 8 S Ballinagee R BALLYMUN O B COULTRY A A LB • Entire extending to approx 15,533 sq m (167,205 sq ft) D U TCHE R LANE with additional tenanted lands extending to approx 1.83 ha JAMESTOWN Travelodge Dublin Airport (4.5 acres). D R South M N BUSINESS PARK c W K O E T R E S A 1 E Blessington N A 0 R V M B 8 A • Additional self contained partially completed development 1 E Ó J N 3 T B H U H 5 Mullacash E A A C A F R L P L Cappagh National P I T site extending to approx 2.4 ha (6.0 acres). N H Y A M7 G U M JAMESTOWN G Orthopaedic H Kildare A R L D I U A D Hospital N S H R R O O M7 • Situated north of Finglas Village within close proximity to A A D D N R Junction 5 on the M50 Motorway, Dublin Airport and Dublin FINGLAS WEST R103 GLASNEVI D C R BUSINESS PARK AP R10 103 GL 3 A PA SE SNEVIN GH AMUS D RD Port Tunnel. RD ENNIS R Maddenstown Finglas Village M9 Ballymore Centre R R Eustace A FINGLAS EAST 1 • Recently identified by Dublin City Council as a New Key T O 0 A R 8 FINGLAS, DUBLIN 11 T Ballysax 1 H 3 B R 5 A D Growth Area of the City. Obvious long term development L F I L N RD Y G NT M DCU - Dublin U L O A U M S potential to higher intensity uses. N L City University L R E W O R A O D Dublin Centre A Tesco Extra D 2 3 DESCRIPTION JAMESTOWN BUSINESS PARK FINGLAS, DUBLIN 11 The portfolio The portfolio comprises approx. 20 industrial & own door office units and 6 land plots, which are laid out throughout the comprises Park. We understand the entire extends to a total floor area of approx. 15,533 sq m (167, 205 sq ft) with the additional lands approximately 20 extending to approx. 1.83 ha (4.5 acres). industrial & office units In addition to the standing stock there is a development site of 2.4 ha (6.0 acres) which includes partially completed and 6 plots of land warehouse units. Generally, the buildings are of steel frame construction with concrete block infill walls to part and covered by a mixture of metal deck and asbestos roofs with translucent roof panels. Access to the warehouse units is generally by standard grade roller shutter doors whilst the own door office units are separately accessed by pedestrian style doors. Eaves heights range from approx. 5.0 metres to 10.0 metres. Own door office units are generally of concrete block construction covered with a flat asphalt roof sheeting. Internal finishes comprise plastered and painted walls and ceilings, carpet and linoleum floor coverings and air conditioning to part. Surface car parking spaces for each unit are designated throughout the estate. DCU ZONING M50 MOTORWAY Under the terms of the Dublin City Development Plan 2016 – IKEA 2022 the property is situated within an area zoned Objective Z6 GLASNEVIN – ‘To provide for the creation and protection of enterprise and facilitate opportunities for employment creation’. The primary objective of this zoning is to facilitate long term JAMESTOWN ROAD economic development in the city region. Under an Objective of the Development Plan the Council is currently conducting a review of all the lands zoned Z6 in the administrative area. The purpose of the study is to examine the most appropriate policy and zoning response following a JAMESTOWN detailed examination of the lands having regard to the future BUSINESS PARK needs of the city. It is worth noting that The National Planning Framework (NPF) identifies as key the reusing of large and small brownfield lands and underutilised lands particularly within the canals and M50 ring in order to achieve the target of compact growth and urban consolidation. The NPF has set a target of at least 50% of all new homes targeted for Dublin city and suburbs are delivered within its existing built up footprint. As a result of the study the Council had identified New Key Growth Areas of the City. This includes Jamestown Business ST. MARGARET’S ROAD Park. It is now proposed that work on the sites identified for a possible future variation will now commence. 4 5 JAMESTOWN BUSINESS PARK FINGLAS, DUBLIN 11 TENANCY SCHEDULE PORTFOLIO ANALYSIS Unit No Tenant Floor Area Floor Area Current Rent Lease Lease Term Break Option VAAN AS A O TE (Sq M.) (Sq Ft.) Commencement TOTA BUIIN AREA 1 Allegro 802 8,628 €76,184.00 30/04/2011 5 years n/a 2 LP Gain 199 2,138 €10,500.00 25/09/2015 10 years 25/09/2020 TOTA AANT SPAE INDUSTRIAL & INVESTMENT 3 OPW 553 5,949 €45,500.00 05/02/1996 30 years n/a MARKET COMMENTARY 5 OPW 139 1,492 €11,500.00 01/05/2012 10 years 4 months n/a 23% From an occupational perspective the industrial market 6 OB Marine 261 2,804 €12,000.00 01/10/2012 10 years n/a experienced take up for 2018 in the region of 278,709 sq m 12 Vacant 439 4,729 (3,000,000 sq ft). Going forward the take up is likely to dip because of the fact that the market is constrained by a 14 Museway 85 919 €4,800.00 n/a shortage of units rather than a lack of demand. 15 Museway 317 3,415 €9,523.00 01/01/1995 n/a Prime rents now stand at €107 per sq m (€10.00 per sq ft) 16 OB Ironworks 498 5,360 €12,000.00 14/07/2015 3 years n/a 77% whilst rents for secondary product are in the region of €60 - 17 Finglas Fuels 638 6,862 €18,700.00 01/01/2018 4 years 9 months 31/12/2019 TOTA OUPIE SPAE €70 per sq m (€5.50 - €6.50 per sq ft). 18 & 24 Vacant 2276 24,494 In terms of capital values, prime values have recovered 19a Vigorous Business Services 24 255 €1,000.00 01/04/2014 5 years to €1,076 - €1,292 sq m (€100 - €120 per sq ft) which 25 David White TV Repairs 151 1,621 €12,000.00 06/11/2017 4 years 9 months 05/11/2019 is marginally above replacement cost and as a result we O TOTA have now seen the next phase of speculative industrial 25a Vacant 88 943 PORTOIO RENT development in the market. This is been led by Rohan 29 An Post 605 6,513 €47,500.00 01/09/2008 20 years 01/09/2025 Holdings at Dublin Airport Logistics Park and by Green REIT at Horizon Logistics Park, both schemes on Dublin’s 30 An Post 605 6,513 €47,500.00 01/09/2008 20 years 01/09/2025 BAANE OPW northside within close proximity to Dublin Airport.