Wednesday 6 February 2008

Retail warehousing park planned for Tyrrelstown, D15

West Dublin is to get another major retail warehousing park. Development work is to begin this summer on the new Tyrrelstown Retail Park in Dublin 15 which will have the giant UK multiple Homebase as anchor tenant.

The shopping facility will be along the proposed four-lane link road about to be built between the N2 (Dublin-Ashbourne road) and the N3 (Dublin-Navan road). The link road will open up a vast new area for development over the coming decade.

Tyrrelstown Retail Park will be less than 4kms from Blanchardstown town centre where Green Property Co has been operating a highly successful retail park for about 10 years. The Cosgrave Group run an equally buoyant fashion retail park at Westend in Blanchardstown.

Tyrrelstown is one of the fastest growing Dublin suburbs where more than 2,000 new homes have been completed since 2001.

Most of them have been built by Eugene Larkin's Twinlite company which is also to develop the retail park.

He also owns the four-star Park Plaza Hotel and a 9,290sq m (100,000sq ft) neighbourhood centre where the tenants include Superquinn and Lidl.

Homebase, second in size in the UK to B&Q with more than 300 outlets in Britain and Ireland, will be paying an annual rent of €700,000 (€218.28 per sq m) for a warehouse of 3,215sq m (35,000sq ft) and outdoor garden centre of 1,114sq m (12,000sq ft). The 25-year lease provides for a standard break clause in year 15.

The Homebase deal puts a capital value of about €5,113 per sq m (€475 per sq ft) on the anchor unit, according to Adrian Leahy of letting agent Savills HOK. Terms have also been agreed on a further 2,787sq m (30,000sq ft) of retail units.

The first phase of Tyrrellstown will extend to 20,438sq m (220,000sq ft), as well as a motor mall with six showrooms. Rents will be €296 per sq m (€27.5 per sq ft) and the expectation is that it will have a capital value of about €100 million.

The second phase is likely to be over 74,322sq m (800,000sq ft).

Leahy says that Tyrrelstown will be aimed primarily at UK traders who find the rents at Blanchardstown and Airside in Swords too high.

He says Twinlite will be prepared to sell as well as lease warehousing space to appeal to indigenous retailers "in an asset management play".

The park was also likely to appeal to UK retailers wanting to open their first stores in Dublin as a springboard into the Irish market.

The Irish Times

No comments: