News Article

2/20/2009 - SIGNIFICANT LONG TERM INDUSTRIAL LETTINGS SECURED
Specialist Industrial Property Agency William Harvey & Co. has just completed two significant long term lettings, one on the northside and one on the southside of Dublin. This bucks the recent trend towards scrappy, short term leases.

On Bann Road in Dublin Industrial Estate, a Christian Church has leased a detached warehouse facility of a 2,155 sq. m. The lease is for a term of 25 years incorporating 5 yearly upward only rent reviews and incorporating a purchase option for the tenant. There is no break option. The church is moving from its existing premises around the corner at Slaney Road. The building sits on a site of approximately 0.6 ha / 1.49 acres providing substantial parking facilities.

Commenting on the letting Kevin McHugh of William Harvey & Co. said that “the option to purchase was the carrot for the tenant that facilitated the letting”.

In Park West Industrial Park, joint agents William Harvey & Co. and Hassett & Fitzsimons, have secured the letting of a detached corner industrial facility of 2,455 sq.m. on the basis of a new 25 year lease incorporating 5 yearly upward only rent reviews and with a tenant break option after 10 years.

The property provides quality, modern warehouse, production and office space on a site of 0.59 ha / 1.47 acres. The tenant is an existing occupier in the park that is taking the space in addition to its existing facility and who wish to remain nameless. Although unable to reveal the rent achieved, William Harvey & Co. commented that it was a very strong rent, particularly in the current environment.