Further signs of recovery in the industrial market comes with news of the first pre-sale of a new warehouse facility in Dublin for seven years and the start of construction on the first spec-built industrial unit in the region for quite some time.

Green Reit is behind these developments, both of which are located at the Horizon Logistics Park beside Dublin Airport which it acquired as part of the so-called Project Arc sale in November 2013 for around €135 million. This portfolio included a wide range of distressed property sold by Danske Bank.

Fynes Logistics has just agreed to buy a 2,044sq m (22,000sq ft) industrial unit, which is under construction at Horizon, for more than €3.4 million.

"Not only is this the first pre-sale of a new warehouse facility of great significance, but it further recognises that there is a very significant shortage of quality, modern industrial units in Dublin," says Nigel Healy of JLL, letting agent for the park.

Green is also on site at Horizon constructing a spec-built warehouse which will provide some 4,134sq m (44,500sq ft) of quality space including some 372sq m (4,000sq ft) of office accommodation. It will be finished in the first quarter of 2016 and the spec will include a 10-metre clear internal height and significant loading yards.

Horizon Logistics Park includes 100 acres of zoned and serviced industrial land close to junction 4 on the M50. Its position abutting the southern boundary of Dublin Airport and close to the Port Tunnel has already made it the home of choice for businesses such as Ceva, Kuehne & Nagel, Kintetsu Worldwide Express and Expeditors Ireland.

The park has the capacity to supply more than 92,903sq m (one million sq ft) of industrial space. Mr Healy is expecting strong occupier interest in this new industrial park, especially as "there has been an increase in the demand for good quality, well-designed and centrally located warehouse facilities" over the last 12 months.