A headquarter facility in Swords, north Dublin, which is being brought to market by Knight Frank, is likely to be of interest to investors and owner-occupiers alike, as it may also suit redevelopment into a mixed-use scheme of scale.
The property, on about 16 acres in Swords Business Park, is quoting a guide price of more than €19 million. It was developed back in 1996, and was subsequently expanded in 2002, with a substantial extension to the existing buildings. The existing high-quality office building is well maintained and allows an incoming purchaser scope to utilise the vacant space to secure income in the short term.
It is being sold by Hertz. It’s understood that the American car rental company is looking to relocate its Irish operation, ideally to an existing and smaller office facility in the vicinity of the Swords and Dublin Airport area. It’s likely that Hertz’s decision to sell its Seatown unit is in response to its introduction of hybrid working in the wake of the Covid-19 pandemic, and its reduced office footprint requirements.
The facility at Swords offers more than 200,000sq ft of well-maintained, quality office accommodation over two floors in two interconnected buildings, together with about 447 surface car spaces. It is on an extensive site of about 16 acres, with three vehicular access points, meaning it can be easily subdivided. The entire facility is held under a 999-year leasehold interest from the IDA. Part of the first floor and 70 car spaces are let for a 10-year term from November 2018, providing immediate short-term income.
The site is close to restaurants, cafes and shops and less than a 500-metre walk from Swords village. Dublin Airport is just 4km away, while the M1 motorway is within 2km, via junction 4.
It is also set to be a prime location for the proposed MetroLink service, which is set to link north Dublin and the airport with the city centre, and is expected to be operational in about 2035 at a cost of almost €10 billion. The Seatown stop on the new metro service is located on the western element of the site, which will boost the location’s accessibility from a public transport perspective. It also means a section of the site is likely to be acquired to facilitate the construction of the stop, while an additional area is to be required on a temporary basis during construction. A railway order has been submitted to An Bord Pleanála in this regard.
Given the proximity of the proposed Seatown stop, it also offers scope for a medium-term redevelopment, along the lines of a mixed-use scheme of scale, subject to planning.
The entire site is zoned “Objective MRE Metro and Rail Economic Corridor” under the Fingal Development Plan 2023-2029.
The aim of this zoning is to promote high-density mixed-use employment that generates activity and commercial development, as well as supporting the provision of residential development. Some of the uses permitted include: office, residential, retail, education, hotel, conference centre, health centre and hospital.
