DTZ Sherry FitzGerald and Savills have begun marketing Elmpark, described as the largest mixed-use urban campus in Dublin, with a guide price €185 mln.
DTZ Sherry FitzGerald and Savills have begun marketing Elmpark, described as the largest mixed-use urban campus in Dublin, with a guide price €185 mln.
Receiver Duff & Phelps, which has managed the estate for the last four years, has instructed the property advisers to find a buyer for the majority holding in the scheme.
Elmpark Campus stands on just over 7 hectares of prime Dublin 4 land and is a mix of offices, multi-family apartments, large terraced houses, retail and leisure. Total current income from the complex is about €9.5 mln per annum.
DTZ Sherry FitzGerald and Savills said they expect considerable interest in the sale from both domestic and international investors. Fergus O’Farrell, Director of joint agent Savills commented, '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.'
'This sale represents an opportunity for investors to acquire the largest single mixed use scheme to be offered to the market in 2015,' added Patricia Ward, director with DTZSF.
The commercial component of Elmpark comprises three detached headquarter office buildings, a café/restaurant and a crèche extending to approximately 37,160 m2.
Residential
The multi-family element known as 'The Links and The Bay' comprise a total of 332 apartments, of which 218 are included in the sale. There are a further eight terraced houses to the front of the development known as Llandaff Terrace, which complete the residential offering. In addition, there is further accommodation in shell and core condition, such as a conference centre, leisure centre and swimming pool and planning for a pavilion café.
Some 100 senior citizen houses at Heskin Court, office Block A and the remaining 114 apartments within The Bay and The Links are excluded from the sale.
Elmpark is the established Irish headquarters for the leading German insurance company Allianz, who have been resident in the Elmpark since 2008, shortly after the development was complete. More recently, Novartis, the Swiss multinational pharmaceutical company, took occupation of their flagship office in Ireland in 2013. Total rent from the commercial element of the park is in excess of €5.7 mln per annum.
The multi-family element currently provides income of approximately €3.8 mln per annum with potential to increase this further. Occupancy levels within the scheme are virtually 100% with a low turnover rate.
