Sunday, 27 May 2007

Transport developments spur industrial park boom

Industrial parks in Ireland tend to fall into two main categories . . . the estates constructed in suburban locations in the 1970s and 1980s and modern parks built along the new road networks from the 1990s on.

With more pressure than ever on space, it is no surprise that a number of new industrial park developments have been announced over the last year, while developers have also released details of redevelopments for many existing sites.

North Dublin has been the focus of much of this activity, with the opening of the Port Tunnel and other transport developments giving the area a major boost. But the industrial park phenomenon is not confined to the major cities - just about every major town has a facility of this kind as they seek to attract new investment.

Port Tunnel Business Park/Orion Business Centre/Broomhill Road Port Tunnel Business Park is a development of 38 owndoor office suites and 57 business units in Clonshaugh, Dublin 17 just minutes from the entrance to the Port Tunnel and the M1 motorway.

The office units range in size from 76 to 423 square metres, while the business units are between 150 and 658 square metres. All but five of the office suites and 18 of the business units are reserved.

Prices range from EUR 370,000 - 390,000 for the office units and from EUR 395,000 to EUR 1.475 million for the business units. They are also all available to rent.

Jones Lang LaSalle has another development of high quality industrial/office units available to buy or rent at the Orion Business Centre at Ballycoolin, Blanchardstown, Dublin 15. These range in size from 205 - 309 square metres and prices start at EUR 350,000.

Orion is beside Northwest Business Park and about five minutes drive from Blanchardstown Town Centre.

Access to the M2 is being improved through the Corduff Road extension and the centre is about 2 kilometres from the M50.

Meanwhile, Jones Lang LaSalle is selling a redevelopment opportunity on Broomhill Road in Tallaght where a 3,752 square metre building on a 1.41 hectare site is for sale by tender. The area is zoned 'mainly industrial' under the Tallaght Town Centre Local Area Plan 2006 and the closing date for tenders is 28 June.

Further information can be obtained from Woody O'Neill at Jones Lang LaSalle.

Industrial parks address work/life balance CB Richard Ellis has noticed a trend over the last few years for small to medium enterprises to be located in the hinterland of large towns and cities. This is particularly evident in Dublin, where examples include M1 Business Park along the M1 motorway and Kingswood Business Park along the N7 corridor. This trend is set to continue as new business locations are emerging around Dublin's hinterland such as Ashbourne Business Park along the N2 or Osberstown at Naas, adjacent to the N7.

It has been the company's experience that those enterprises who move to new industrial and business areas (in particular those close to residential areas) experience a real improvement to their quality of life, which in turn has a positive impact on their business. The advent of these smaller enterprise units and larger industrial facilities being located adjacent to residential areas means businesses can attract experienced and willing employees from the local areas.

This has been the case at locations such as Centrepoint Business Park in Rosemount, Ballycoolin, Dublin 11, while mixed use developments like Northern Cross in Dublin 17 have started to attract high profile tenants such as JP Morgan and Experion.

Blanchardstown has more to offer Blanchardstown has seen phenomenal industrial development over the last few years but there are still site opportunities for serviced and zoned industrial land, explained Frank Frisby of FJ Frisby & Associates.

One such opportunity is Millennium Business Park, a high spec development by Hillview Developments, a McInerney company.

Hillview Developments has established itself as a leading developer of industrial property in the Dublin area, including Westpoint Business Park, Blanchardstown, Glasnevin Business Park, Tolka Valley Business Park, Whitestown Business Park at Tallaght and Newtown Business & Enterprise Centre in Newtownmountkennedy.

Millennium Business Centre is now sold out but the final phase . . . Millennium Trade Park . . . comprising approximately 70,000 square feet divided into 36 units is underway. These units, which can be combined in a variety of sizes from 1550 square feet upwards are in a highly visible position on the entrance to the development.

Further information in relation to Millennium Trade Park is available from sole agents FJ Frisby & Associates.

Low vacancy rates illustrate strength of sector Savills Hamilton Osborne King research indicates that the overall vacancy rate in the industrial sector fell from 11.5 per cent at the beginning of 2006 to 9.9 per cent in January 2007, with take-up particularly strong in northwest Dublin.

The total amount of space available on the market fell from 398,000 square metres at the beginning of 2006 to 338,000 square metres in January 2007. Take-up last year totalled approximately 231,400 square metres across the Greater Dublin Area and the rate of take-up was accelerating in the last six months of the year.

Activity in northwest Dublin was greater than anywhere else in the Greater Dublin Area in 2006 with demand being fuelled by similar factors as in northeast Dublin.

Transport links boost Greenogue Business Park Greenogue Business Park in Rathcoole has experienced a 16 per cent increase in prices over the last six months. According to Rory Penrose, managing director of Coldwell Banker Penrose & O'Sullivan Auctioneers, demand has been driven by its accessibility to the M50/N7 and the link to the N4, which is due for completion next year.

Units range from 1000 to 20,000 square feet. A new 12,000 square feet services centre, 4000 square feet restaurant, branded retail outlet and petrol station store are all opening soon.

Sunday Tribune
Coldwell Banker Penrose & O'Sullivan is now taking enquiries on 4500 square feet of prime office space and two 1000 square feet retail units to let.

1 comment:

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