18 Apr 2024

M7 continues to drive rents at latest refurbishment project in North Dublin

M7 Real Estate (“M7”), the pan-European investor and asset manager, announces that it has signed a new 15-year lease with Sixt Car Rentals for c. 17,000 sq ft of newly refurbished space at B2 Airport Business Park in Santry, North Dublin. The car rental company, which is popular with tourists, adds to M7’s list of occupiers within its growing Irish portfolio following a competitive bidding process.

Cushman & Wakefield Ireland and CBRE Ireland were engaged as joint letting agents to market the property in H2 2023, quoting €16.00 per sq ft (€268,000 per annum), surpassing the expected rent by a considerable margin.

The building extends to approximately 16,738 sq ft and is situated on its own site. M7 carried out a significant refurbishment to improve the property’s sustainability performance, including the installation of LED lights throughout, a split hot-cold heating system and a double socket EV charging point. In the process, the Building Energy Rating (“BER”) improved from a C2 to a B1. The substantial works also included undertaking a comprehensive reinstatement program of the roof and gutters, upgrading life safety systems, redecorating the external elevations, installing a Howdens kitchenette, as well as enhancing welfare and sanitary facilities.

James Smith, Senior Asset Manager at M7 Real Estate Ireland, commented: “The demand for the asset was such that parties submitted sealed bids in their best endeavours to secure the property, which is rare in a leasing scenario. We identified an opportunity to leverage our asset management expertise by undertaking an extensive refurbishment including a number of sustainability-focused improvements, which will enhance the BER rating to a B1. M7’s commitment to gradually green our portfolio where possible, coupled with the acute lack of supply for buildings in this size bracket, meant that the levels achieved even somewhat exceeded our own expectations. We look forward to welcoming Sixt to our portfolio.”

Joint agents Nicola Gilleece of Cushman & Wakefield Ireland and Shane O’Connor of CBRE Ireland commented: “We were delighted to act on behalf of M7 Real Estate in securing Sixt Car Rental on a new long-term lease in B2 Airport Business Campus. The rent achieved was well in excess of the quoting rent, which is a testament to the continued demand for standing stock of this size bracket across the Greater Dublin Area, particularly where 10 to 15-year term certain lease terms are not a precondition to the lease deal. We wish Sixt Car Rental every success in their new premises.”