IPUT Real Estate, Ireland’s leading property company and the largest owner of offices and logistics assets in Dublin, announces that Life Style Sports, a leading independent Irish retailer, has pre-let 120,000 sq ft at Aerodrome Business Park on a long-term lease. Aerodrome is the first phase in a pipeline of 1.4 million sq ft of logistics assets which will set new standards for sustainable development in Ireland.
IPUT currently has a portfolio of 2.5 million sq ft of logistics assets, the largest portfolio of prime logistics assets in Ireland. IPUT has 870,000 sq ft of logistics space under development at Aerodrome Business Park and Quantum Distribution Park. IPUT also has the potential to add a further 600,000 sq ft of logistics space at Nexus Distribution Park, increasing the portfolio to approximately 4 million sq ft.
Aerodrome Business Park
Aerodrome will be built to the highest sustainability standards and comprises two units: 120,000 sq ft (Unit G) and 160,000 sq ft (Unit Q). Aerodrome features rooftop solar panels; natural and LED lighting; electric car charging; energy usage monitors; and rainwater harvesting and recycling. Aerodrome is being delivered to a BER A3 energy rating with LEED Gold and BREEAM Very Good accreditation, setting a new standard for logistics in Ireland. Life Style Sports has pre-let Unit G and is due to take up occupancy in January 2022. Aerodrome is adjacent to the N7 in South West Dublin.
Quantum Distribution Park
IPUT is developing Quantum Distribution Park, a new logistics park adjacent to Dublin Airport. Quantum will comprise four stand-alone units totalling 600,000 sq ft Similar to Aerodrome, Quantum will be delivered to the highest sustainability standards including a LEED Gold rating. As part of the development, IPUT is investing in improving public roads to the site and the public realm within the park. IPUT is currently in discussions with a number of potential occupiers. The first unit at Quantum is due for completion in September 2022.
Nexus Distribution Park
IPUT recently acquired 64 acres of development land at the Cherryhound interchange adjacent to the M2 motorway on the north side of Dublin. IPUT intends to seek permission to develop Nexus Distribution Park on the site which will add over 600,000 sq ft of prime logistics space to the portfolio.
Michael Clarke, IPUT Real Estate Head of Investment, commented:
Our ambition is to develop exceptional buildings that set new standards in design and sustainability. The logistics buildings that we are developing at Aerodrome Business Park will be constructed to allow occupiers operate in the most sustainable manner. We are delighted to welcome Life Style Sports, one of Ireland’s most innovative and established brands, to Aerodrome.
Occupier demand for logistics facilities continues to grow. We have a pipeline of 1.4 million sq ft of the most advanced logistics facilities in the market to meet this demand which will continue to drive strong income returns for our shareholders.