Fonthill Business Park in Clondalkin, Dublin 22, has been given a major boost with the decision by United Drug to take a 10-year lease of the former headquarters of Philips Electronics Ireland in the park close to Liffey Valley shopping centre.
In a complex transaction underlining the shortage of high quality logistics units in the Dublin area, Philips surrendered its lease prior to its break option next November. This allowed United Drug to move in immediately to the 8,070sq m (86,865sq ft) building at a rent of €70 per sq m.
The facility was originally developed in 2003 by Green Property and subsequently sold to a Dutch private investor represented by BNP Paribas Real Estate. It was previously let to Philips on a long lease with a break in year 10 which Philips planned to exercise in November.
Attractive terms
Peter Flanagan of BNP said the letting highlighted the attractivness of the building as a corporate HQ with few competing properties when it came to image and specification.
Brendan Smyth of DTZ Sherry FitzGerald, who acted for United Drug, said tenants were commanding very attractive terms in the market at present, with the healthcare company having certainty around rental payments over a 10-year period.
The building includes 2,370sq m (25,510 sq ft) of high-spec offices over three floors and 5,235sq m (56,349 sq ft) of high bay warehouse facilities with excellent loading and a decicated marshalling area.
