U + I to sell Glasnevin units with residential potential

British property developer U + I is selling three adjoining industrial investments with residential development potential in Dublin Industrial Estate, Glasnevin, Dublin 11. Agent Savills is guiding more than 6.25m for the properties.

tanding on a 2.4 acre site, the three are let to WestRock, the international packaging firm, for around € 257,000 per annum until 2025. With industrial rents rising strongly in recent years, the rents are expected to increase after the lease expires.

Including 85 Lagan Road, the units have combined floor areas of 51,000 sqft.

The site is zoned objective Zone Z6: Employment / Enterprise Zones. However, as the local authority has recognized, these lands have been identified as having regeneration potential.

A feasibility study by RKD architects indicates potential for 268 apartments in three blocks extending up to 10 stories and accommodating 121 one-bed, 134 two-bed and 13 three-bed apartments.

Because of its proximity to Broombridge train and Luas stations, as well as being about five kilometers from Dublin city center, the estate has long been considered suitable for a sheds-to-beds regeneration. Consequently property investors have acquired a number of units there.

Ebba Mowat from Savills said: “With limited good quality industrial availability as well as potential residential sites available on the market right now, we expect the property will attract good interest from both investors and developers alike.”

While U + I was successful with its initial Irish projects it was less fortunate with its later ones. It did well when teaming with Johnny Ronan and Colony Capital in the development of the Vertium offices in Burlington Road, Dublin 4 which they sold to Union Investment for a sum believed to be over € 170m.

However, last year a receiver was appointed over certain assets of Development Securities Properties Donnybrook Limited and Specter (Ballymoss House) Limited.

Both companies were jointly owned by U + I and Colony. Then last December U + I was bought by British firm Land Securities in a £ 190m (224m) deal.

At the time its new parent was expected to sell off U + I’s Irish properties as it wanted its larger English sites.

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