U+I Buys Dublin 8 Industrial Estate With 'Exceptional Development Potential'
UK developer and investor U+I has acquired a 2.84-acre industrial estate on South Circular Road in Dublin 8 for an undisclosed sum.
As well as the seven-unit industrial estate the site includes an adjoining three-bedroom house that has recently been vacated.
The warehouse buildings are all currently leased to five tenants, producing an annual income of €542K. The units have a weighted average unexpired lease term of 7.3 years, or 5.4 years including break options.
The industrial element of the site, which has over 600 feet of canal frontage, is zoned for enterprise and employment uses. It is across the South Circular Road from a strategic regeneration and development area that encompasses the former Player Wills and Bailey Gibson factories and Dublin City Council's St Teresa’s Gardens flat complex.
While U+I said its site has exceptional development potential, it added that there are no plans to develop at present.
“White Heather’s location in an historic and scenic part of Dublin 8 presents a real opportunity for us to cement U+I’s presence in the local community,” U+I Development Director Arlene Van Bosch said.
Van Bosch, who was appointed to her Dublin-based role in November, said the company is looking forward to bringing its plans for further acquisitions and development in the city over the coming months.
“Each acquisition is a restatement of our commitment to growing our footprint in Dublin — a market that really motivates us,” she said.
U+I secured the first letting on its Donnybrook House development in recent weeks. According to the company, details of that agreement are being finalised and it hopes to make an announcement in the coming weeks. In November, it started work on the redevelopment of Ballymoss House in Sandyford and got the go-ahead from An Bórd Pleanála to redevelop Carrisbrook House in Ballsbridge.
“The addition of a further site to our Dublin portfolio with White Heather is another boost for us, as we continue to look for opportunities to expand in the city,” Van Bosch said.