Former Kellogg’s European headquarters seeks €7.5m

The sale of one of the first office blocks built by developer David Daly at Airside Business Park in Swords is expected to attract strong interest from both owner-occupiers and investors.

230-240 Lakeshore Drive is being offered to the market with the benefit of full vacant possession by joint agents Lisney and CBRE at a guide price of €7.5 million.

The subject property extends to 29,773sq ft on a gross internal area basis and benefits from 109 surface car-parking spaces. In addition, the current owners recently secured planning permission to develop a new double-height entrance along with a shower block to the rear of the building.

The joint selling agents believe that with some refurbishment the property could achieve rents of up €27.50 per sq ft. They also believe there may be scope to expand the building’s existing footprint, subject to planning permission.

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230-240 Lakeshore Drive had up until relatively recently served as the European headquarters of global cereal brand, Kellogg’s. The US-headquartered food giant is in the process of moving its Dublin-based operations to new offices at Dublin Airport Central, having agreed a deal in 2018 to anchor the first of the scheme’s four buildings. Kellogg’s is taking 38,750sq ft of the 91,494sq ft available in Three Dublin Airport Central at a rent of €33.75 per sq ft.

Airside Business Park meanwhile continues to be acknowledged as one of Dublin's foremost suburban office locations. Developed in the early to mid 2000s, the scheme is home to a number of leading corporates including Ryanair, AIB, eShopWorld, Sandisk, Fujitsu and Ricoh.

Airside’s location gives occupiers direct access to both the M50 and M1 motorways. Dublin Airport is just a five-minute drive from the development while the Pavilions shopping centre and Swords town centre are both within walking distance.