2/13/2008 - MAXIMISING THE CITY'S POTENTIAL

Property owners in some of Dublin’s oldest Industrial Estates have been given a boost with the hope that the future value of their properties might well increase over time, if the plans contained in Dublin City Council’s recent draft publication, “Maximising the City’s Potential – A Strategy for Intensification and Height”, are implemented. The council have identified six major sites zoned Z6 & Z7 (the primary zonings for industrial development) comprising approximately 350 hectares / 865 acres in the Dublin City area that have “significant potential for intensification and growth”. Five of these areas are north of the city and one is on the south west.

On the south side of the city, the area encompasses estates such as Kylemore Park North, South & West, and westwards as far as Killeen Road, and on the east side of Kylemore Road, estates such as Allied, Westlink and surrounding buildings back to the Jamestown Industrial area and Inchicore CIE Works.

Across the canal from this area, estates on the Old Naas Road and across the Naas Road to Carriglea, Naas Road Business Park, The Nissan Complex and properties on both sides of the Long Mile Road are included. Also identified are the MDL premises together with other properties in the Walkinstown Avenue area.

On the north side of the city, Dublin Industrial Estate opposite Glasnevin Cemetery, and the Bannow Road Industrial Area have been selected. Further north, the industrial area between McKee Avenue and Jamestown Road in Finglas has been included, together with the IDA Poppintree Industrial Estate.

To the east, the areas identified include Santry Hall Industrial Estate, the IDA Santry Avenue development and other surrounding buildings, in addition to the majority of the IDA Clonshaugh Business & Technology Park, Willsborough Industrial Estate and the entire of the Malahide Road Industrial Park (formerly named Coolock Industrial Estate).

Many of these areas contain older industrial stock unsuited to modern warehousing and distribution needs, but all are situated in locations well served by existing or planned public transport. The proposals will be subject to further study and evaluation which no doubt will lead to a heightening of interest from potential buyers as Framework Plans are proposed. Indeed, agents William Harvey & Co. have reported an increase in enquiries for properties they are selling in Dublin Industrial Estate and the Kylemore Area since the publication of the Draft Report. It will be interesting the see what effect this draft publication will have on values of properties within IDA industrial estates which are subject to restrictive use long leasehold titles.