The Elmpark campus in Dublin 4 has been put up for sale for €185m (£134m).
The mixed-use park, which includes the Irish headquarters of insurer Allianz and pharmaceutical company Novartis, is being sold by NAMA through DTZ Sherry FitzGerald and Savills.
Duff & Phelps has been the receiver and asset manager of the park for the past four years. It was previously owned by Bernard McNamara’s Radora Developments.
The mixed-use campus occupies 17.3 acres and is a mix of offices, multi-family apartments, large terraced houses, retail and leisure. Total current income from the complex is around €9.5m per annum, reflecting a yield of 5.1% of the asking price.
The commercial component of Elmpark comprises three headquarters office buildings, a café/restaurant and a crèche totalling 400,000 sq ft.
The multi-family elements, known as The Links and The Bay, comprise a total of 332 apartments, of which 218 are included in the sale.
The 175,000 sq ft vacant eight-storey Pioneer Building at the front of the park is currently unlet and was designed for hotel and hospital use but has recently been granted a change of use to office space.
There are also further development opportunities currently in shell and core condition, including a conference centre, leisure centre and swimming pool and planning for a pavilion café.
Fergus O’Farrell, director of joint agent Savills, said: “The quality of the office space along with the volume of high-quality residential units on offer in a prime Dublin 4 address is unrivalled.”
