IPUT plc announces that it has pre-let Unit 624 in Northwest Business Park, Dublin 15 comprising 9,570 sq m (103,000 sq ft) of high quality distribution space to German Logistics operator DB Schenker. DB Schenker have signed a long-term lease on the building and will take occupation later this month following the completion of a substantial extension to the facility.
Unit 624 Northwest Business Park, was acquired vacant by IPUT in June 2015 and a short-term tenancy was sourced to allow IPUT the opportunity to acquire the adjoining site and secure planning permission for a 15,600 sq ft extension that commenced construction in January 2017. The extended 103,000 sq ft modern facility now sits on a secure 5.1 acre self-contained site with 3 gated entrances. The building has been enhanced and upgraded to the highest standards with an internal height of 10m (33ft), 9 dock levellers and the benefit of cross docking capability making it particularly suitable for the FMCG sector. The unit is strategically located close to Dublin Airport with excellent links to the motorway network including the M2, M3 and M50 motorway.
IPUT plc owns a substantial logistics portfolio extending to over 2 million sq ft and comprising 33 properties which are situated in strategic logistics locations across Dublin. Existing occupiers in the portfolio include DHL, Dunnes Stores, BWG, Geodis, Musgraves, Uniphar and Nightline Logistics.
DB Schenker is the transport and logistics division of Deutsche Bahn AG. The logistics sector of DB is the world’s second largest transportation and logistics service provider based on revenues and performances. DB Schenker operates in over 130 countries worldwide and generated revenues of €15bn in 2016.
Michael Clarke, Head of Investment at IPUT plc said: “We are delighted to continue to build on our relationship with DB Schenker by accommodating their expansion requirements within the IPUT portfolio. This acquisition and subsequent pre-letting demonstrates the ability of our asset management team to generate enhanced returns for our investors while meeting the exacting requirements of one of the world’s leading logistics operators.”
Philip Harvey of William Harvey & Company advised IPUT plc on this transaction. Brendan Smyth of Cushman & Wakefield acted on behalf of DB Schenker.
IPUT plc announces that it has pre-let 40 Molesworth Street, the newly redeveloped 2,800 sq m (30,000 sq ft) office building at the heart of Dublin’s commercial and governmental quarter to U.S. online retailer Jet.com. The 20-year lease at a headline rent of €60 per sq ft has a term certain of 12 years and will add €1.8m to IPUT’s current rental income.
Jet.com is a leading U.S. online retailer whose business is focused solely on the U.S. market, offering a wide assortment of products in the Home, Grocery, Health + Beauty, and Fashion categories, among other consumable and durable products.
Commenting, IPUT plc Chief Executive Officer Niall Gaffney, noted: “We are delighted to welcome Jet.com to IPUT’s expanding roster of domestic and international occupiers. This is a strong indication of underlying demand for high quality space in the Dublin office market. The letting also supports our strategy of regenerating our existing portfolio and sets a benchmark for our other projects currently underway nearby at 10 Molesworth Street, Dublin 2, and at ‘The Exchange’ in Dublin’s IFSC.”
The building, which is located on a commanding corner of Molesworth Street and Dawson Street, two of Dublin’s most distinguished thoroughfares, was acquired by IPUT in March 2013 for €8.4m. IPUT secured planning permission for a substantial redevelopment of the entire building. Vacant possession was secured in May 2016 when IPUT commenced a full redevelopment scheme at a cost of approximately €13m. The existing structure was stripped back to its frame and two penthouse office floors added. The external façade has been completely transformed with a high-performance curtain walling system finished in a distinctive hand crafted Petersen brick.
40 Molesworth Street has been completed to the highest standards internally providing the ultimate occupier experience in a superb business location while also enriching its prestigious environment and the heritage of the surrounding area. On completion, the building is expected to achieve a valuation in excess of €40m. This represents a total return on cost for the fund of over 8%.
The building benefits from excellent transport connectivity including public bus, Luas cross city and Green Lines, mainline rail connections and easy access to Dublin Airport by car or coach service. Significant employee amenities are being provided including excellent showering and changing facilities. The building also has bicycle storage on-site and a Dublin Bikes station directly to the front of the building.
40 Molesworth Street is expected to achieve a Gold certified environmental performance through the LEED assessment system. The redevelopment of 40 Molesworth Street is part of the wider regeneration of the Molesworth Street/Dawson Street area which will benefit from the Luas cross city line due to complete in late 2017. IPUT has engaged with Dublin City Council to enhance and upgrade the public realm along Molesworth Street. This will involve enhanced pedestrian areas to create a grand thoroughfare in keeping with the historical setting for the building.
Savills handled the letting on behalf of IPUT plc and Jet.com was advised by Colliers.
IPUT plc announces that the Food Safety Authority of Ireland (‘FSAI’) will be the first tenants to occupy ‘The Exchange’ in Dublin’s International Financial Services Centre (‘IFSC) when construction works complete later this year. ‘The Exchange’, which is being forward funded by IPUT plc, will be the first new office development built within Dublin’s original IFSC since 2003.
A deal has now been concluded with the FSAI to pre-let the entire first floor comprising 19,000 square feet of this six-storey, 105,000 square foot office building.
Commenting on behalf of IPUT plc which is forward-funding the development of ‘The Exchange’, Head of Investment Michael Clarke said: “We are delighted to have secured an occupier of the calibre of the Food Safety Authority of Ireland as the first tenant within ‘The Exchange’. The building’s unrivalled connectivity and LEED Gold sustainability credentials are proving very attractive to occupiers and we are confident that the letting of the remaining space will proceed satisfactorily.”
‘The Exchange’ is centrally located on the Docklands Luas line and five minutes’ walk from Connolly Station. It is surrounded by many of the world’s leading financial services brands within the IFSC including KPMG, Wells Fargo, JP Morgan Chase, SIG and Zurich, PwC, Morgan Stanley, and BNY Mellon.
Joint letting agents Savills and JLL continue to market the remaining space at ‘The Exchange’. Upon completion in October of this year, the building will provide accommodation for up to 1,200 employees.