Industrial property specialist Harvey has secured the sale of a warehouse unit with future residential redevelopment potential at Cookstown Industrial Estate in Tallaght, Dublin 24 for more than €990,000.
Unit 73 briefly comprises a detached building extending to 1,601sq m (17,233sq ft) on a self-contained and gated 0.7-acre site.
While the property is zoned “objective regen” under the draft South Dublin County Council Development Plan, planning permission for 64 apartments on the subject site was refused in April 2021 as it was deemed to be premature.
The purchaser, an investor with vast experience in industrial property, intends on stripping the unit out and making it available to let for basic storage for the medium term.
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Plans for the construction of a new two-way single carriageway road connecting Cookstown Estate Road to Belgard Road will go out for public consultation shortly, subject to finalising consent with the affected landowners. The proposed new street will ultimately form part of a wider integrated street network within the locality.
Commenting on the sale of unit 73, Kieran Casey of Harvey said: “While the potential residential redevelopment of Cookstown Industrial Estate has long been discussed, practical progress on the ground has been slower than expected. Until that redevelopment becomes viable, buildings such as this offer short to medium-term income in a traditionally popular trading location.”
Elsewhere in the city, Harvey recently agreed the letting of a modern industrial unit at Magna Business Park in Citywest. Thermodial, the long-established HVAC experts, acquired unit 1, 15a Magna Drive, on a long-term lease as their new headquarter premises, and were represented by Arthur Ryan Property Consultants.
The property was sold by Harvey earlier this year to a private Irish investor, who spent the last number of months refreshing the building. The works included the completion of fire certification for a historic extension of the building’s generous office space.
