M7 Real Estate (“M7”), the pan European investor and asset manager announces that it has fully let Westlink Industrial Estate (“Westlink”) in Dublin on behalf of M7 European Real Estate Investment Partners V (“M7 EREIP V” or the “Fund”), after securing eight new lettings across circa 48,000 sq ft.
Westlink is a well-known estate in Dublin’s traditional industrial core off Kylemore Road in Ballyfermot, 7.5 km west of the city centre. The asset comprises a total of 192,000 sq ft of light industrial space across 31 units.
M7 acquired the estate in December 2018 with 25% vacancy across eight units, which were in poor condition and un-lettable in their current state. M7 implemented a comprehensive upgrade and refurbishment programme immediately post acquisition to reposition and enhance the asset. The works included removal and replacement of roofs and a complete over-clad of the elevations with modern profile sheeting.
During the project, M7 let all the vacant units and restructured a number of existing leases resulting in a circa 50% uplift in overall contract rent from purchase. Headline rents have increased from €6.50 per sq ft up to €10.00 per sq ft. New occupiers include ADI Gardiner, Silverskin Coffee Roasters and NCBI Retail.
Emma Bruce-Smythe, Asset Manager at M7, commented: “M7’s acquisition of Westlink along with the rapid rollout of our extensive refurbishment programme has allowed us to provide much needed newly refurbished space into the Dublin industrial market. We are absolutely delighted to have fully let this asset within the first year of ownership and welcome our new occupiers to the estate. During 2020 we will continue to work through our business plan to generate additional value through further asset management initiatives.”