The growth in demand for well-located logistics units is expected to see strong interest from both domestic and international companies in two major warehouse properties which are due for delivery within the coming year.
Located just 22km from Dublin city centre at Greenogue Logistics Park, the two buildings will comprise a total of 42,000sq m (452,000sq ft) and are being developed by Palm Logistics, an affiliate of UK-headquartered Palm Capital and its local partner, Jordanstown Properties.
Building 1 will provide 15,421sq m (166,000sq ft) of space on a 3.2 hectare (8 acre) site, while building 2 will comprise 26,570sq m (286,000sq ft) on a 15.2 hectare (3 acre) site. The development is expected to be valued at about €85 million upon its completion in 2021, and is being forward funded jointly by US private equity giant KKR and Palm Capital.
While Palm Logistics is a relatively new entrant to the Irish market, it has significant experience in the delivery of major speculative warehouse developments, with successful projects completed in Madrid and Copenhagen.
Jordanstown Properties meanwhile, has through its sister company, Sandymark Investments, developed more than 3 million sq ft over the past 25 years at Greenogue for both national and international occupiers.
In terms of their specification, the new units at Greenogue Logistics Park will have a clear internal height of 12.2m (building 1) and 12.5m (building 2) and an extensive number of dock and grade-level loading doors. The layout will be enhanced by generous loading yard depths of 44m in the case of building 1 and 93m in the case of building 2.
Both buildings will carry LEED certification, making them environmentally sustainable, and will be fitted with high-bay LED lighting as standard. Additionally, a total of 32 electric vehicle charging points will be included.
The scheme’s open-plan office area will have a full VRF heating and cooling system while the finishes will incorporate raised-access floors in the upper floor office areas. Separate staff canteens, locker rooms and shower facilities will be present in different locations.
At a practical level, building 1 is designed to accommodate over 31,500 VNA and over 23,500 WA pallet spaces while the corresponding numbers for building 2 are over 55,250VNA and 46,600WA pallet spaces respectively.
Greenogue Logistics Park is well-located within a two-minute drive of junction 4 of the M7/N7 and just seven minutes to the M50 (junction 9).
Commenting on the new units, the joint letting agents, Nigel Healy of JLL and Peter Levins of Savills said: “These are two really big buildings on very large plots of land and because construction has already started, they’ll be completed in a relatively-short period of time which will be ideal for some of the parties with whom we have had some preliminary discussions.
“What’s important to investors and occupiers is scale and ‘green credentials’ – and both buildings certainly check those boxes with LEED certification, low-energy lighting and electric vehicle charging points installed.”