Ardstone Capital is selling Eden Plaza, a prime office development site in Dublin’s premier business park. The site, which extends to 2.13 hectares, benefits from two live planning permissions offering developers and owner occupiers excellent optionality on configuration and phasing. The site is viewed as an excellent opportunity for large occupiers to bi-locate their occupancy requirements in the city centre and also in Dublin’s premier business park and half the rental cost. The connectivity between the two is excellent, with a 20 mins direct tram service, the Luas, directly opposite the site. The site is being brought to the market by CBRE for a guide price of €20m.
There are two live planning permissions on site, offering the potential purchaser significant flexibility over phasing when developing the site. The proposed development extends to between 373,000 – 450,000 ft², spread over 5 modern blocks, with ancillary space for a café and retail unit. One permission has full basement parking and the other provides a multi-storey solution.
The selling agents CBRE are very encouraged by the level of interest in this opportunity citing the strength of the office market in Dublin’s south suburbs, where the current rate of Grade A vacancy is 5.8% as being a major attraction. According to Marie Hunt, Head of Research at CBRE Ireland,“The south suburbs are the most sought-after suburban office location in Dublin, having accounted for an average of 54% of all suburban office take-up in Dublin in the last 10 years and 17% of overall take-up in Dublin in the period”.