Case Study – Industrial / Office - Port Tunnel Business Park

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Port Tunnel Business Park is a redevelopment of the former Hitachi Manufacturing facility in Clonshaugh Dublin 17.  Following the successful removal of IDA restrictions on users the building was extensively redeveloped in 2005 and now comprises an enterprise and office business park of 45 enterprise units and 21 office units together with a document storage facility. It is located adjacent to the entrance to the Dublin Port Tunnel, close to the M1/M50 otorway junction in Dublin 17. Uses within the park include manufacturing, service providers, medical, distribution, storage and office.

 

Wilson Wright has overseen the establishment of the Business Park from inception to completion. We managed the site acquisition, scheme design, planning permission, site development and construction and more recently the sale and leasing of individual units. We continue with the ongoing management of the investment.

The ongoing management of the investment entails proactively engaging with all of the tenants, mange all lease agreements, negotiate new lease agreements where applicable, oversee due diligence and ensure continuity of income. It also includes ensuring that the day-to-day running of the development functions efficiently and economically, though the appointed management company.

The success of the skilled asset management by Wilson Wright is reflected in the high occupancy level, minimum occupier turnover and continuity of income.

 

Tenant Retention / Lease Negotiation

140,000 sq.ft. of ongoing enterprise and office short and long term lease transactions.

 

Rent Collection

Approximately €400,000 per annum.

Arrears as a percentage of Gross Income – 1.2%

 

Leasehold restructuring

Successfully removed the restrictive IDA user covenants by acquiring the fee simple interest.

 

Commercial Lettings

92% occupancy. Lease negotiations of enterprise and office units.

 

Income creation

Continual growth of existing income through the creation of new letting. On average, one new letting each quarter.

 

Ongoing Management

Managing tenants, professional agents and facilities & property management teams on an daily basis.

 

Insurance

Ensuring that the campus is insured at relevant reinstatement levels.