Irish property company Iput has secured global logistics specialist Geodis Ireland Ltd as tenant for all 185,000sq ft of space at Unit 1, Dublin Airport Logistics Park. Geodis has agreed to pay an initial rent of €1.6 million per annum and will occupy the premises on a 20-year lease.
While the agreement of such a large-scale deal is significant for the wider logistics sector, it represents a particularly positive outcome for Iput. The company only recently completed an extensive upgrade to the building having acquired it with vacant possession from Eason for €19 million in January 2019. The property previously served as the books and stationery retailer’s main warehouse facility. Philip Harvey of industrial property specialist agent Harvey represented Iput in the letting.
Commenting on the deal, Michael Clarke, head of investment at Iput said: “The successful refurbishment and letting of Unit 1, Dublin Airport Logistics Park further demonstrates our team’s ability to identify prime real estate opportunities where we can leverage our expertise and reinvest to secure enhanced returns for our shareholders. Geodis Ireland’s decision to extend their relationship with Iput reflects the strength of our logistics offering and we are delighted to retain an occupier of their calibre.”
High-bay warehouse
Unit 1 Dublin Airport Logistics Park, a high-bay warehouse and office facility. Extending to 17,176sq m (184,886 sq ft), the property occupies a prominent position at the entrance to the park and sits on a self-contained site of 3.39 hectares (8.4 acres). The property benefits from corporate quality offices, 192 car-parking spaces, dedicated trailer parking, a 37m deep secure yard and excellent loading access via 15 dock levellers and five level access doors.
Located just 250m from the boundary of Dublin Airport, the building enjoys excellent connectivity to Dublin Port Tunnel, Dublin city centre, the M1, M2 and M50 motorways and all other arterial routes.
Dublin Airport Logistics Park has dual access/egress through direct links to the M2 motorway and St Margaret’s Road. The entrance to the airport is eight minutes away.
Current occupiers in the park include DHL Express, DHL Global Forwarding, Dnata, Flanagan Fittings, Gilead, Holland & Barrett and Simtech Aviation.
Value-add project
Unit 1 at Dublin Airport Logistics Park represent Iput's latest value-add project in the logistics sector. The fund's letting of the property follows on from the respective pre-lettings of 624 Northwest Business Park (9,651sq m/103,883sq ft) to DB Schenker in the third quarter of 2017 and 103 Northwest Business Park (12,493sq m/134,484sq ft) to Sonas Bathrooms in the third quarter of 2018.
Iput's logistics holdings currently extend to over 2.4 million sq ft comprising 30 properties located in strategic distribution locations across Dublin. Other occupiers within the portfolio include BWG, DHL, Dunnes Stores, Ikea, Musgraves, Nightline Logistics and Uniphar
Iput has a number of pre-letting opportunities available for prime logistics space in the greater Dublin area.
