27 Jul 2022

M7 leases 17,629 SQ FT of industrial space to Howden Joinery for 10 Years

M7 Real Estate (“M7”), the pan-European investor and asset manager specialising in multi-tenanted properties, announces that it has leased 17,629 sq ft of space at the Westlink Industrial Estate to Howden Joinery (Ireland) Limited, part of the Howden Joinery Group, a world-leading supplier of kitchens and joinery products to the building trade.

Howden Joinery has agreed to a 10-year lease, with a break after 5 years. Following the sale of M7’s stake in the estate in April 2021, M7 Real Estate Ireland (“M7”) has continued its role as asset manager for the park. M7 led an extensive refurbishment of Unit 9 within the estate to include roof replacement and the reclad of external elevations, in addition, to complete modernisation of the internal accommodation. The letting of this 17,629 sq ft unit takes occupancy at the scheme to 100%. The deal follows a simultaneous surrender of a previous tenancy and grant of a new lease to Fastenal at Unit 6, demonstrating the scheme’s attractiveness to the occupier market and M7’s proactive management of the scheme minimising void periods.

Looking ahead – Unit 4 is due to come to the market in late Q4 2022, which follows a consolidation of spatial requirements by the existing tenant and a refurbishment. The unit extends to approx. 5,943 sq ft and immediately adjoins Screwfix. Shane O’Connor of CBRE and Cathal Morley of JLL have been appointed as joint letting agents.

James Smith, Asset Manager at M7 Real Estate in Ireland commented: “Following our own disposal of the scheme and retention as asset manager, I am delighted to be seeing through our business plan of refurbishing space and welcoming new tenants to the park, notwithstanding continuing to rebase any existing lease anniversaries within the park. Our strong occupier profile and inside the M50 location profile, coupled with low supply market dynamics should mean that Unit 4 will not remain on the market long with the potential for a pre-let.”