Chancerygate and specialist investor Bridges Fund Management have acquired a site in Dublin, marking the first joint investment in Europe for their long-standing partnership.
The five-acre plot is located on Swords Road in Santry, less than a mile south of Dublin Airport and around five miles north of Dublin city centre.
Subject to planning, the partners will speculatively develop 114,000 sq ft of Grade A urban logistics and warehouse space across 14 units ranging from 3,500 sq ft to 20,675 sq ft. All the units will be available leasehold and, once complete, the development will have a gross development value of around €35m.
The site was acquired for €4.5m from construction company Careys, which previously used it for office accommodation and civil engineering yard space. It benefits from excellent connectivity due to its proximity to the airport, M50, M1, numerous bus routes and the proposed Dardistown Metro stop.
A planning application for the proposed development will be submitted to Fingal County Council within the coming weeks.
Chancerygate managing director, Richard Bains, said: “Acquiring the Swords Road site is a very important milestone for Chancerygate as it marks our first ever investment outside the UK.
“We have a trusted funding partner in Bridges who shares our vision and is excited by the opportunity to offer our high specification, speculatively built product to the Irish market.
“We have a clear strategic growth plan, and expansion into Ireland and further into continental Europe is a central tenet of it. We are actively looking for further opportunities in Ireland and expect to be making further announcements shortly.”
Bridges is a specialist sustainable and impact investor. Its property funds focus on sectors that are well placed to benefit from the transition to a more sustainable and inclusive economy, including healthcare, lower-cost housing and sustainable logistics.
Bridges partner, Guy Bowden, added: “In the last few years, in partnership with specialist developers like Chancerygate, we have shown that there is strong market demand for high-quality sustainable logistics sites near urban centres – and that these developments can play an important role in reducing emissions and supporting local economic growth.
“We are excited to bring this proven model to Ireland and are confident that this development will bring clear benefits to the Dublin area.”
Bridges and Chancerygate have been working in partnership with on projects for more than a decade. Investments include acquisitions sites for industrial development in Leeds and Coventry; the regeneration of Beeston Business Park, Nottingham; and the development of ‘The Curve’, a student housing development in London SE1.
Chancerygate and Bridges were advised on the acquisition by CBRE whilst Lisney acted for Careys. Both CBRE and Lisney will be retained as leasing agents on the proposed development.
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