The receivers of Central Park, a mixed development in Leopardstown, Dublin, have placed the suburban real estate on the market for over €250m.
Savills and Jones Lang LaSalle, who are marketing the property, called the disposal “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 8.1ha is a mixture of high-quality offices, multi-family apartments and retail with development potential. Total income from the scheme is €17.98m a year, rising to €19.34m on expiry of rent-free periods.
Investment director at Savills, Fergus O’Farrell, said: “The quality of both office and residential accommodation on offer is second to none.”
And JLL’s chief executive in Ireland, John Moran, said: “This sale represents an unparalleled opportunity for investors to buy the largest-ever mixed-use scheme to be offered to the market.”
Central Park comprises five detached office buildings with around 63,175 m2 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 in 2008 and produce €3.81m pa with potential for further rises; the apartments are almost fully let.
Central Park’s commercial element is multi-let, with 27 tenancies providing a current annual rent roll of €13.89m pa, increasing to over €15.24m after expiry of rent-free periods.
There is planning permission for three detached office buildings of around 65,682 m2, and a partially-developed multi-family block with planning for 166 apartments and ancillary commercial space.
Leopardstown/Sandyford has established itself as a centre for 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.
Joint receivers are William O’Riordan and Declan McDonald for Devano Developments.
