Agent Harvey is guiding a price of €4 million for a fully let warehouse and office facility in Blanchardstown, Dublin 15.
Unit 7, Blanchardstown Corporate Park comes for sale with the benefit of a 10-year full repairing and insuring (FRI) lease to Fitzpatrick’s & Hanleys Ltd (trading as Caterway) in place. The agreement, which dates from December 1st, 2018, incorporates a tenant-only break option at the end of year seven subject to 12 months’ notice, and is generating annual rental income of €200,000 exclusive of all other outgoings.
Caterway is a family-owned and operated business, delivering fresh fruit, vegetables and dry goods to more than 300 retailers. The business was established in 1998 with the merger of two family businesses, namely Fitzpatrick’s Catering and Hanleys.
The lease incorporates a market rent review in December 2023, with a substantial increase in rent likely to be achievable at that time based on recent evidence, the selling agent says. Significantly, a deed of renunciation has been executed by the tenant, meaning the landlord will retain control of the building into the future.
Unit 7 comprises a detached, refrigerated warehouse and office facility within the actively managed Blanchardstown Corporate Park. The subject property extends to a total gross external floor area of 2,659sq m (28,621sq ft) with a large and secure yard, which has space to park at least eight 40ft trailers. The warehouse’s loading access consists of six dock levellers and one level-access door. There is also the potential to use the building as an ambient warehouse, if necessary, at a future date. As the property is surrounded by office buildings, the selling agent notes that it could be suitable for future redevelopment as offices, subject to planning permission. Blanchardstown Corporate Park is one of the few suburban office locations in Dublin that has continued to thrive since the pandemic.
[ Sensori Facilities Management signs up at Blanchardstown Corporate ParkOpens in new window ]
Located directly on the new N2/N3 link road, the scheme offers occupiers and visitors direct access to the M50 and wider motorway network, while Dublin Airport is just 4km away. The development has numerous on-site amenities including several eateries, crèches and electric-vehicle charging points, and is well served by Dublin Bus, GoCar sharing, and a free shuttle bus service to Dublin city centre to nearby Coolmine train station.
Kevin McHugh of Harvey says: “Traditionally, temperature-controlled facilities have commanded a premium over ambient warehouse rents. The forthcoming rent review in December 2023 provides investors with a fantastic opportunity to drive a very strong return.”
