Major Dublin mixed-use scheme put up for sale

Savills and Jones Lang LaSalle have launched the marketing of the Central Park development in the affluent Leopardstown area of Dublin on the instruction of joint receivers William O’Riordan and Declan McDonald and developer Devano.

The guide price being quoted is over €250 mln for the entire scheme, which is only available as a single lot.

The nine-hectare Central Park site comprises multi-family apartments and retail units with what the selling agents describe as 'further significant development potential all in a single location'. The total current income from the scheme is €18 mln per annum, rising to over €19.34 mln per annum on expiry of rent-free periods.

The complex consists of five detached office buildings with 64,000 m2 of commercial space, and six blocks comprising 281 multi-family units, 272 of which are included in the sale.

There is also a detached two-storey retail building, plus a mixture of office, retail and leisure units within the multi-family element providing 3,500 m2 of space. Also within Central Park, but excluded from the sale, is the 352-room Bewley’s Hotel and a crèche owned and operated by Giraffe Childcare. There is current planning permission for three detached office buildings totalling 66,000 m2, and a partially-developed multi-family block with planning for 166 apartments and ancillary commercial space.

'The quality of both office and residential accommodation on offer is second to none,' commented Fergus O’Farrell of Savills. John Moran of JLL added: 'This sale represents an unparalleled opportunity for investors to avail of the largest-ever mixed-use scheme to be offered to the market.'