The JV will speculatively develop the permitted scheme, comprising 14 units ranging from 3,600 sq ft to 22,370 sq ft in size.
The project, named Airport Trade Park, will offer leasable units on the five-acre site, with construction scheduled to start in Autumn 2024. Upon completion, the development is expected to have a gross development value of approximately €40m. This marks the JV's first investment in Ireland, leveraging its decade-long track record of delivering comparable projects in the UK.
The partnership purchased the site on Swords Road, Santry, situated 1.1 km south of Dublin Airport and about 8 km north of Dublin City Centre, from Carey Building Contractors in May 2022. The site has superb connectivity, being close to the airport, M50 and M1 motorways, multiple bus routes and a planned future MetroLink station at Dardistown. The MetroLink is a significant upcoming public rail project designed to connect Dublin Airport with the city centre, currently in the planning stages.
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Airport Trade Park is targeting LEED Gold accreditation with each unit to benefit from electric vehicle charging points, photovoltaic (PV) panels and air source heat pumps. In addition, the units will be constructed utilising high-performance building materials. Roof lights, covering 15 per cent of roofed area, will assist in reducing occupational costs and related CO2 emissions.
Ed Dobbs, development director and head of Chancerygate's Irish office, said: "We know there is high demand from occupiers for modern, sustainable urban logistics accommodation with convenient transport links within the Greater Dublin area. Airport Trade Park will help meet this demand by delivering strategically located Grade A urban logistics space, enabling businesses to be best placed when it comes to serving the locality and wider region.
"Now that planning has been granted, it marks an important milestone in our strategic expansion into Ireland and further into continental Europe. We look forward to progressing with the scheme and will continue to seek further opportunities in Ireland as we implement our growth plans."
Bridges specialises in sustainable and impact investing. Their property funds target sectors set to thrive in a more sustainable and inclusive economy, such as healthcare, affordable housing and sustainable logistics.
Bridges partner, Guy Bowden, added: "We're delighted that we can now begin construction at this excellent Dublin site. We intend to draw on our experience of working on similar projects in the UK to deliver one of the most sustainable industrial buildings in Ireland, which we believe will be attractive to a range of occupiers looking to reduce their running costs as well as their impact on the planet."
Agents for Airport Trade Park are CBRE and Lisney.
