Launching for sale this week with Cushman & Wakefield is a cluster of industrial units totalling 25,000 sq ft, plus old mill building by the Glashaboy River, once part of a woollen and dying industry, on an accessible site of 8.77 acres, the bulk of which has yet to be developed.
With a current income of €52,000 annually from a handful of tenants, it’s going to have an appeal to investors, to developers as well due to the surplus lands, and also to owner-occupiers, most likely in the warehouse/logistics sector.
Estate agent Séamus Costello is selling for a Cork company who acquired it some time back for further development purposes.
It has a lapsed planning permission for a modern 6,000 sq m distribution centre building, with 12m eaves height, but the vendors’ business plan has since changed: he’s offering the Sallybrook holding by private treaty, describing it as at a “strategically and established commercial location at the northern end of Glanmire within 1k of the junction 18, giving easy access to the M8, both north and south bound.”
Also convenient are the N25, the N40, Jack Lynch Tunnel and Cork City, as well as Little Island: might it have an appeal to a Little Island area company who’d like a standalone facility?
“Whilst the property has an investment angle with the existing buildings on site, the surplus lands provide an opportunity to develop a new facility to cater for new logistics warehouse entrants to the Cork market or existing occupiers looking to re-locate or upsize to a self-contained facility,” says Mr Costello, and adjacent are Glanmire Industrial Estate, Pat O’Donnell & Co, Berendsen Ireland (formerly Spring Grove), and Grandons Toyota.
At this Sallybrook lot, which is within the development boundary of Glanmire and near residential development, there are two accesses and the existing warehouses are in one block of sub-divided single storey buildings, set out as seven units. Three are leased, to tenants Hurley Engineering, Oliver Lynch Ltd and ACR Crash Repairs: tenants are not affected by this sale.
In addition, there are two vacant former workshop buildings, as well as an old three storey stone mill previously used for offices, now needing refurb.
“This is an excellent opportunity to acquire a strategically located industrial property with excellent potential to develop a large-scale warehouse/logistics facility on surplus lands, given its location adjacent to and with close access to the M8, and all of Cork’s arterial roadways,” says Séamus Costello.