Dublin's Central Park On The Market for Over €250 Million
14 November 2013
Savills and Jones Lang LaSalle have today commenced the marketing of the entire Central Park development in Dublin 18 on the joint instructions of William O’Riordan and Declan McDonald (Joint Receivers) and Devano Developments Limited. The guide price being quoted is in excess of €250m for the entire scheme, which is only available as a single lot.
Central Park, in affluent Leopardstown, is Dublin’s most successful suburban development creating a living and working environment. Its sale offers an unprecedented investment opportunity at a time when Ireland’s office and residential rental markets are forecast to experience significant growth in the short to medium term.
The complex which is on a site of over 20 acres is a mixture of high-quality offices, multi-family apartments and retail units with further significant development potential all in a single location. Total current income from the scheme is approximately €17.98 million per annum rising to over €19.34 million per annum on expiry of rent free periods.
Fergus O’Farrell of joint agents Savills says: "The quality of both office and residential accommodation on offer is second to none."
John Moran of JLL adds: "This sale represents an unparalleled opportunity for investors to avail of the largest ever mixed use scheme to be offered to the market."
Central Park comprises five detached office buildings with approximately 688,000sq ft of commercial space, and six blocks comprising 281 multi-family units, 272 of which are included in the sale. The six multi-family blocks were completed to the highest specifications in 2008 and are an impressive mix of one-, two- and three-bedroom units, as well as penthouses. They are dual-aspect with many having views of Howth or the Dublin Mountains. The multi-family element currently produces approximately €3.81 million per annum with potential to further increase income. The apartments are almost fully let with a low turnover rate and are predominantly occupied by young professionals.
There is also a detached two-storey retail building, plus a mixture of office, retail and leisure units within the multi-family element providing approximately 38,000sq ft of space. Also within Central Park, but excluded from the sale, is Bewley’s Hotel and a crèche owned and operated by Giraffe Childcare. Bewley’s Hotel has 352 bedrooms, a brasserie-style restaurant and the popular 'The Bookmakers Bar'. The nearby Westwood Club has first-class gym and swimming pool facilities in addition to tennis, squash and spa services. There is a convenience store in the heart of the park, plus a Thai restaurant and a Munchies coffee outlet.
Central Park’s commercial element is multi-let, with 27 tenancies providing a current annual rent roll of approximately €13.89 million per annum, increasing to over €15.24 million following expiry of rent free periods. The office buildings are finished to the highest standards and provide flexible accommodation capable of meeting most occupier requirements.
The development is a landmark mixed use complex, in an exclusive location which offers many opportunities to increase returns through asset management, lease restructurings and future development. There is current planning permission for three detached office buildings of approximately 707,000sq ft, and also a partially-developed multi-family block with planning for 166 apartments and ancillary commercial space.
Leopardstown/Sandyford has established itself as a centre for numerous high profile companies including Microsoft, Merck Sharp & Dohme, Dun & Bradstreet, Trintech and Airtricity. Central Park’s desirability as an office location is underpinned by its long-term 'blue-chip' tenants, including Vodafone, Mastercard, Bank of America Merrill Lynch, Volkswagen Bank, Salesforce, Leaseplan and Tullow Oil.
The scheme enjoys unrivalled public transport links to the city, the M50 and the N11. It has its own dedicated Luas tram stop, a shuttle bus service and an Aircoach terminus. Dublin airport is just 25 minutes by road and the city centre is 20 minutes by car or 25 minutes by tram.
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