Last section of ‘The Park’ goes on sale

THE last remaining section of undeveloped land in Ireland’s most successful retail park has gone on sale with a guide price in excess of €45 million.

‘The Park’ in Carrickmines, which comprises retail and office space, was built by Michael Cotter of Park Developments in 2004. Current tenants include Currys, PC World, TK Maxx, Heatons, Harvey Norman, The Carphone Warehouse and Smyths.

All of the existing space at The Park is now fully let, with employment for almost 2,400 people created to date.

In 2014 The Park had over two million vehicle visits and over 4.87 million visitors.

According to sales agents Savills, the area is well serviced by public transport and benefits from extensive infrastructure including a dedicated Luas stop, numerous bus routes to the surrounding area and Dublin City Centre, and direct access to the M50 via Junction 15.

The sale, entitled ‘Q3’, comprises lands located at the main entrance of the development and is being offered in a number of lots.

One lot comprises 1.89 acres of land and, under both the current and the new draft development plan, is zoned ‘Objective E’.

This parcel is located at a pivotal location, as a new feeder road onto Ballyogan Road is proposed to provide a secondary main access point into the overall park. 

According to Mark Reynolds of Savills, these lands hold significant value, either in the hands of a retail owner occupier or a specialised retail or mixed use developer.

“A buyer with credibility around providing a cutting edge scheme can add significant value by expanding the scale and success of the existing retail and business park campus, at a time of a resurgent occupier market,” he said.

According to Savills, retail is rebounding in Dublin, with the region benefitting from, on average, 20 per cent higher disposable incomes than the rest of the country.

Consumer sentiment is also at its highest since 2007 and is being reflected in real retail growth.

Mr Reynolds added: “There is no doubt that the subject property signifies a world class development opportunity and represents a rare opportunity in terms of location, mixed use designation, existing investment in transport, services and in a very real sense, is effectively ready to go.”