Naas Road Industrial Park sold to developer for almost €9m
By Brendan Grehan
NAAS ROAD Industrial Park has been sold to Development 8, a Dublin-based developer for close to €9m.
The property comprises six self-contained units extending to 8,100 sq m (87,200 sq ft) on a site of 1.7 hectares (4.2 acres).
Naas Road industrial park
Four of the units are occupied and produce almost €410,000 in annual rent. The other two are vacant.
The tenants in the four units are JC Decaux Ireland Ltd, B.Braun Medical Ltd, Total ICT Services Ltd, and LMI Technology Ltd.
NRIP property is a zoned Objective Z6 enterprise. Development 8 intend to refurbish Unit 6 at NRIP which extends to 822 sq m (8,855 sq ft) and to sub-divide Unit 4 which extends to 2,715 sq m (29,225 sq ft) in order to offer both separate warehouse space and office suites on a floor-by-floor basis.
The office units will expand the range of offers at the park and it is expected that when available they could generate a relatively competitive rent of about €14 to €15 per square foot.
Selling agent Manus Agnew, of Quinn Agnew, said the continuing demand for industrial investments was reflected in how eight parties, including some international entities, had competed with bids for the NRIP complex.
Development 8 has developed and manages high-quality, reasonably priced commercial and residential properties across Ireland, the UK, Germany, and the USA.
It owns and manages sites with the capacity for over 5,000 housing units and the combined gross development value of its projects in Ireland exceed €1bn.
TAGS Property
