8 Jun 2021
M7 Real Estate signs two new lettings at Dublin’s North Park and Airport Business Park
M7 Real Estate Ireland (“M7”) the pan-European investor and asset manager specialising in multi-tenanted regional properties, announces that it has successfully let, on behalf of a major financial institution, a total of over 24,000 sq ft of warehouse and office space at Unit 8 North Park and Unit B3A Airport Business Park in Dublin, Ireland.
Ireland’s Health Service Executive (“HSE”) on behalf of the ambulance service has agreed to let 12,800 sq ft at 8 North Park for €10.50 per square foot on a 10 year lease following major refurbishment works. Additionally, Clevamama, the Baby Products and Nursery brand retailer founded by sisters and mothers Martina Craine & Suzanne Browne has leased 11,400 sq ft of newly refurbished warehouse space at €10.75 per square foot on a 10 year lease at B3A Airport Business Park, which is located close to Dublin airport.
Both refurbishment projects have taken into account sustainability, where practicable, which has increasingly become a factor in occupier decision making.
James Smith, Asset Manager at M7 Real Estate in Ireland, commented: “Both lettings illustrate the relative strength in the current market for 10,000 sq ft plus warehouse units, where rents are being driven up due to increased demand and limited supply; we had a number of potential tenants interested in taking both buildings.
“The capital expenditure programme, which we implemented across these assets reflects M7’s commitment to providing modern sustainable buildings and this has been a factor in the level of rents that we have achieved. We continue to assemble an attractive portfolio of predominantly industrial buildings where we can add value whilst also providing premium high quality space for current and future occupiers.
“We are delighted to be working with the State at this challenging time, as well providing space for the Clevamamma team to help drive their business forward and wish them continued success.”