7 Jul 2021
M7 lets a total of 11,658 sq ft at Westlink Industrial Estate in Dublin to Screwfix and Commercial Interior Supplies
M7 Real Estate (“M7”), the pan-European investor and asset manager specialising in multi-tenanted properties, has, on behalf of a major financial institution, completed two new lettings at Westlink Industrial Estate (“Westlink” or the “Estate”) in Dublin, Ireland, to Screwfix Ireland (“Screwfix”) and Commercial Interior Supplies (“CIS”), increasing the occupancy to 91%. The remaining vacant unit (Unit 9) is soon to undergo an extensive refurbishment and terms have already been agreed with a blue-chip occupier to take this space.
Screwfix has leased Unit 3, comprising c.5,850 sq ft, on a 10 year lease at €10.00 per sq ft. The building underwent an extensive refurbishment in H2 2020 on a speculative basis and terms were agreed with Screwfix in advance of practical completion. Screwfix is the U.K.’s largest retailer of trade tools, accessories and hardware products and is part of the Kingfisher Group, which also includes B&Q, Castorama and Brico Dépot.
Unit 27, comprising 5,808 sq ft, has been let at €9.50 per sq ft to Commercial Interior Supplies, an existing and established tenant on the estate which has expanded its presence within the park by taking another unit. CIS was one of a new generation of tenants to enter the estate in 2017 when occupiers were seeking a trade counter location but wanted the security of a managed business park.
Since acquiring the estate in 2018, M7 has invested approximately €1.5 million as part of its asset management programme. The Estate now has a strong tenant line up including Euro Car Parts; ADI Gardiner; Vinny Byrne (trade supplier for Dulux) and Silverskin Coffee Roasters.
Westlink is situated just off the Kylemore Road in Dublin and comprises 32 units totalling circa 195,000 sq ft of light industrial space. The Kylemore Road area has become synonymous for showroom and trade counter uses with Westlink providing a secure and managed location for occupiers.
James Smith, Asset Manager at M7 Real Estate Ireland, commented: “The rental tone of these lettings illustrates the continued strength of the industrial sector in Dublin and the appeal of Westlink’s location, which has established itself as a strong performing micro-market in south west Dublin. The rental levels also reflect our willingness to deploy capital to present high quality buildings to the market which, in turn, attract high quality tenants.
“We are pleased to welcome Screwfix and to be providing Commercial Interior Supplies with an expansion opportunity within the park.”