Bovale Developments seeks €34m for lands at Dublin Central Logistics Park

Just over four months on from the €50 million sale of the 47.92-hectare (118.40 acre) Killamonan Business Park to Iput Real Estate, developer Mick Bailey’s Bovale Developments is seeking a buyer for another of its large logistics landbanks next to Dublin’s M50 motorway. Extending across an area of 36.9 hectares (91.4 acres) and zoned for employment use, Dublin Central Logistics Park is being offered to the market on behalf of Bovale and Nama by joint agents Savills and Cushman & Wakefield at a guide price of €34 million.

The sale of the land is expected to attract significant interest from a range of major developers and investment funds, many of whom are already actively pursuing industrial and logistics opportunities in Dublin and the Greater Dublin Area. Among the parties with interests in the immediate area already include the aforementioned Iput Real Estate, Rohan Holdings, Dublin Port Company, and UK-headquartered Henderson Park Capital.

Situated on the northeastern corner of junction 5 of the M50 and M2 motorways, Dublin Central Logistics Park is zoned in its entirety for general employment (GE) use under the draft Fingal County Development Plan 2023—2029. The lands are predominantly in agricultural use at present and include a large two-storey vacant residence and 4 light industrial units on approx 0.97 hectares (2.40 acres) accessed directly off the R122 Road. The lands are being offered for sale in a single lot and according to the joint selling agents have “immediate development potential as a strategic industrial and logistics park of significant scale” thanks to their proximity to major transportation links including Dublin Airport, the M50 motorway and Dublin Tunnel.

While the guide price of €34 million equates to a substantial average of €361,317 per acre, this figure is likely to be surpassed given the current appetite among developers and investors for large, well-located lands suited to the development of logistics.

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The €50 million sale of the nearby 118 acres at Killamonan Business Park last April demonstrated the depth of that demand with Iput Real Estate paying €15 million or 43 per cent above the €35 million joint agents Savills and Cushman & Wakefield had been guiding when they brought the holding to the market three months previously.

The Killamonan lands are mainly in agricultural use and zoned entirely for general employment use under the Fingal County Development Plan 2017-2023. They also have the benefit of the Cherryhound Local Area Plan 2017-2022, which provides a framework to facilitate their development.

Iput’s acquisition of the lands brought its overall holding in the area surrounding the Cherryhound interchange on the M2 to 73.83 hectares (182.44 acres). In April 2021, Iput paid €25 million for the adjacent M2 Airlink holding, comprising 22.26 hectares (55 acres) of zoned industrial land and 9.04 acres of greenbelt land. Such was the demand for the site, the price paid represented a 39 per cent premium on the €18 million figure agent Cushman & Wakefield had been seeking at the time.

Further details on the sale of the lands at Dublin Central Logistics Park are available from Gavin Butler, Jarlath Lynn and John Swarbrigg at Savills and from Brendan Smyth, Paul Nalty and Karl Lynch at Cushman & Wakefield.