Balheary Road, Swords, Co. Dublin.

Industrial Investment Let to Commissioner of Public Works in Ireland (Tenant Not Affected)

 

INVESTMENT OVERVIEW

Premises

Detached Industrial Facility with total gross external area of 19,605 sqm (211,030 sq. ft.).

 

State Covenant

Let to Commissioner of Public Works in Ireland (OPW). 

 

Lease Terms

20 year lease from 16th September 2010. Tenant signed a Renunciation of Tenancy Rights. Tenants have sought an extension of the lease subject to revised terms.

 

Key Location

1.4 km from Swords Town Centre, 1.5 km from M1 motorway, 5 km from Dublin Airport and 7 km from M50 Motorway, 600m from proposed MetroLink Estuary Station and Park & Ride.

 

Rental Income

€1,355,350 per annum with a rent review due in September 2025 to the then open market value.

 

LOCATION

Situated on the Balheary Road, the property is 1.4 km north of Swords Town Centre and 1.5 km southwest of Junction 4 on the M1 Motorway, 5.0 km north of Dublin Airport and 13 km north of Dublin City Centre. The Property is located opposite the Swords Business Campus and just east of Applewood neighbourhood centre. Swords Town Centre is a busy urban centre providing an excellent range of amenities, including hotels, shops, banks, cafes,restaurants and bars. Airside Retail Park and Pavilions Shopping Centre are located within 5 minutes drive of the property.

Swords and the surrounding area have a well-established and diverse occupier base, with a variety of multinationals, SMEs, and State Agencies as well as a notable clustering of companies within the Pharmaceutical and Aviation sectors, as well as government functions located in the area.

Swords has developed into one of the largest urban areas in Ireland with a population of approx. 50,000 and expected to increase to 100,000 by 2050. With a connected public transport system along with its close proximity to Dublin City Centre, Swords has developed into a key commercial hub across the region.

Accessibility to the area is due to be enhanced with the development of MetroLink, with a planned Terminus just 600m north of the property at the planned Estuary Station.

 

 

PROPERTY OVERVIEW

The property comprises an extensive single storey detached Industrial facility extending to a gross external area of approx. 19,605.7 sq.m. (211,034 sq.ft.), with 18,243 sq.m. (196,365 sq.ft.) at Ground Floor level. The Property was originally constructed as a Motorola (and then Celestica) advanced electronics factory in two phases and was converted in 2010 for use by the current Tenant as a storage and research facility.

The property is of a steel frame construction, in two interconnecting phases with external block elevations in a mix of metal cladding, forticrete block and glazing systems. The property has a low pitch/flat roof which was resurfaced in 2023 with new membrane finish (20 year warranty).  The two phases have independent plant room areas at first floor area.

Internally the property is set mainly out in stores with single storey offices and research area to the front including facilities for a canteen, library, archives, study rooms and work areas for photography, illustration and conservation.

The property is positioned on a site area of approximately 3.46 ha. (8.56 acres) with extensive parking areas to the front and side of approx. 92 spaces and loading yard areas to the rear with 7 no. dock leveller loading bays and 4 on-grade loading doors.

 

ACCOMMODATION

The property has the following gross external floor areas:

Floor	sq.m.	sq.ft.
Ground Floor
Warehouse	14,053.9	151,275
Offices & Ancillary	3,585.0	38,589
Plant Room	604.0	6,501
Subtotal	18,242.9	196,365
First Floor
Plant Rooms & Ancillary Areas	1,362.7	14,668
Total Gross External Area	19,605.6	211,033

Assignable Measurement Survey is available in the Data Room.

 

TENANCY DETAILS

The entire property is let to the Commissioner of Public Works in Ireland on a 20 lease from 16th September 2010 at a current rent of €1,316,250 per annum which is due to immediately increase to €1,355,250 per annum from on 17th September 2024 . Discussions have been held with the Tenants who have requested an extension of the current lease. Discussions are ongoing and further details will be made available. The Tenant signed a Deed of Renunciation of Tenancy Rights prior to entering into the current lease.

The Tenant is responsible for fully repairing the property (excluding the structure) and the plant serving the property while the Landlord is responsible for repairs to the structure, including the roof which has recently being completely resurfaced. The lease incorporates 5 yearly rent reviews to the then Open Market Rent, the next of which will be due on 17th September 2025.

 

TENANT COVENANT

The Commissioner of Public Works in Ireland, otherwise known as the Office of Public Works (OPW) is an Irish Government Agency whose primary function is to support the implementation of government policy. The OPW provides accommodation for government departments and services and manages much of the state’s leased and owned property portfolio including Government offices.

This is an unrivalled and incredibly secure investment opportunity with Irish Government State Covenant. The Tenant has sought to extend the lease on the property and has offered to commit to a further 20 years with 14 years term certain to one break option. The undoubted creditworthiness of the Irish Government is underlined by its investment grade credit rating, with the majority of rating agency’s placing Ireland in the AA- category.

 

METROLINK

It is proposed that the planned MetroLink will be constructed linking Swords via Dublin Airport to the City Centre and south to Charlemont. The MetroLink, which is currently proceeding through the final stages of An Bord Pleanala public hearings, is due to commence construction in late 2025, and is proposed to be operational by the early 2030s.

When completed passengers will be able travel from Swords to Dublin City Centre in approximately 25 minutes with trains every three minutes during peak periods once operations commence.

Under the Metrolink proposals it is intended that the Terminus for the MetroLink will be located at Lissenhall at the Estuary Station, situated approx. 600m (10-minute walk) to the north of the property, with the provision of suitable pedestrian infrastructure and a Park & Ride car park.

 

Title

Freehold. Property benefits from a right of way over the entrance road.

 

Website & Dataroom

A full suite of documentation including sales contract is available in the Data Room with access available on completion of the Non-Disclosure Agreement, downloadable from the website: www.nmibalhearyroadswords.com

 

VAT

VAT will not be due on the sale of the property.

 

PRICE

On Application

  

Contact Joint Agents:

 Finnegan Menton (01) 614 7900

Nicholas Corson ncorson@finneganmenton.ie

Iain Finnegan ifinnegan@finneganmenton.ie

Mark McCormack mmccormack@finneganmenton.ie

 

 Cushman & Wakefield (01) 639 9300

Kevin Donohue kevin.donohue@cushwake.com

Clive Roche clive.roche@cushwake.com

Adam Ghee adam.ghee@cushwake.com