IPUT plc, Ireland’s largest unlisted property fund, has completed the acquisition of a modern high-quality logistics facility at Northwest Business Park, Dublin 15 for €12.3m. Unit 103 Northwest Business Park is located midway between the M2 and M3 motorway in Northwest Dublin, providing easy access to the M50 motorway, Dublin Airport and Dublin Port.
The self-contained detached logistics facility extends to 12,500 sq m (135,025 sq. ft.) and sits on a site of 2.6 hectares (6.45 acres). The unit benefits from an internal height of 12 metres, 21 dock levellers and cross docking capability making it ideal for tenants in the FMCG sector. The building was acquired with vacant possession and IPUT will commence a significant refurbishment of the existing facility with a target completion date of Q2 2018.
Commenting on the acquisition, Michael Clarke, Head of Investment, said; “The Fund has selectively increased its exposure to the Dublin logistics sector over recent years and now owns over 2 million sq ft of prime logistics space in strategic locations across Dublin”.
Gavin Butler of Savills advised IPUT in relation to this acquisition. JP McDonagh of Knight Frank acted on behalf of the counterparty.
The eagerly anticipated opening of Victoria’s Secret new flagship store at IPUT’s 28/29 Grafton Street, Dublin occurred yesterday following the completion of a substantial refurbishment and reconfiguration of the 2,700 sq m (29,000 sq ft) building.
Commenting, IPUT’s Head of Investment, Michael Clarke, said: “We are delighted to welcome Victoria’s Secret to 28/29 Grafton Street. This is a very significant letting for the Fund which underlines the ability of our team to deliver asset management solutions which enhance value for our investors while working in partnership with one of the world’s premier international retailers”.
As part of IPUT’s sustainability programme and a commitment to enhance the public space in which it invests and operates, IPUT has commenced a programme of improvements on Molesworth Street.
IPUT is investing in planting new trees, laying granite paving and widening footpaths adjacent to our developments at No. 10 and No. 40 Molesworth Street. Works commenced in November 2017 with the removal of existing trees and will be completed in the first quarter of 2018.
Upon completion, the overall scheme will include new trees and granite paving on the north footpath from Dawson Street to Kildare Street. The number of trees will increase from six to 17 trees.
IPUT plc Chief Executive, Niall Gaffney, commented: “IPUT has a clear and longstanding objective to support the social and cultural fabric of Dublin City. IPUT’s sustainability policy requires us to manage the impact of our business activities on the environment and the communities within which we operate. We believe the Molesworth Street works will complement the rich heritage of the surrounding area and enhance the built environment where our buildings are located. We will continue to work with the local authorities on other similar initiatives so that future generations can continue to enjoy Dublin City and its environs.”
Note on Tree Planting
The Molesworth Street improvements include the planting of 17 ‘Gleditsia Triacanthos’ (also known as ‘Honey Locust’) trees. The new trees will create a natural canopy that allows sunlight to penetrate through loose, light foliage. Six existing trees will be removed and replaced as part of the planting process.
Note on Improvement Works
The works are being undertaken with Dublin City Council Planning Permission Compliance in respect of Application Number: 3384/15.