Ireland’s leading developer of industrial and warehouse facilities has embarked on a speculative 4,645sq m (50,000sq ft) detached building at Dublin Airport Logistics Park.
Rohan Holdings has engaged Glenbrier to handle the development of Heron House, which will be completed by the third quarter of this year. A headline rent of €9.45 per sq ft and a sales figure of €149 per sq ft will be considered competitive given that the block will have a 12m eave facility and a 35m private yard at a time when construction prices are strengthening.
Rohan also embarked on two other speculative units in the same park last year: the 3,716sq m (40,000sq ft) Finch House, which is due to be completed this month by the Stewarts; and the Walls Construction building of the 2,787sq m (30,000sq ft) Condor House which, will be completed next month.
Rohan is also understood to be gearing up to develop two 1,858sq m (20,000sq ft) units at North City Business Park in the coming weeks, as well as possibly a 5574sq m (60,000sq ft) building at Dublin Airport Logistics Park, which already has planning approval. The development company has also lodged planning applications for two further units of 30,000sq ft and 40,000sq ft in the same park.
With the completion of these new units, Rohan will be able to cater for immediate occupier requirements in north Dublin from 20,000sq ft to 50,000sq ft, as well as offer design and build solutions in its numerous parks around the M50.
The developer’s decision to proceed with new buildings has been triggered by a range of deals in 2017. These include the letting of a 6,100sq m (65,660sq ft) building to Holland & Barrett at a rent of €9.44 per sq ft; the signing of a 40,000sq ft letting to Fonua; the leasing of 30,000sq ft to Alpha Flight, an Emirates airline catering company; as well as deals with City Air Express, Eurofins Scientific, Vernon Catering, Around Noon and Vis Security.
As part of its speculative build strategy, Rohan is guiding €4.5 million for the 3470sq m (37,360sq ft) Willsborough Cluster in Clonshaugh, which produces an annual rent of €363,385 under a lease with a weighted average period of more than five years to run. The sale will show a yield of almost 7.5 per cent and reflect a valuation of €119.58 per sq ft.