Henderson Park has completed the acquisition of Heuston South Quarter (HSQ), a prime mixed-use campus in Dublin city centre from an affiliate of New York-based Marathon Asset Management. The investment comprises 266 residential apartments for rent, as well as office and retail space, in addition to a 3.63-acre development site with zoning. The purchase price was not disclosed.
Completed between 2005 and 2008, HSQ is an urban campus made up of six distinct multi-storey buildings. The bulk of the scheme, totalling 247,890ft², offers a high-quality mix of one, two and three-bedroom apartments and duplexes. The residential component has a strong track record of high occupancy and has been well-maintained, set amongst landscaped gardens in addition to private balconies and a communal roof terrace, with underground parking at basement level. Henderson Park has identified a number of attractive asset management opportunities to add value over the long term.
HSQ is strategically located opposite Ireland’s main national train station, Heuston, on the northern periphery of Dublin city centre, providing excellent public transport, including easy access across the city and to Dublin’s suburbs. Dublin Airport is a 20-minute drive away and an abundance of cultural, social and leisure amenities are on the campus’ doorstep.
Nick Weber, Founding Partner of Henderson Park, commented: “HSQ provides us with immediate and meaningful exposure to the Irish real estate market through a high-quality campus in a well-connected and desirable Dublin location. HSQ is well placed to benefit from Dublin’s growing position as an attractive destination for global companies’ European HQs and its continued shortage of housing supply. The portfolio is underpinned by strong income-producing characteristics, while also offering compelling long-term prospects to increase the rental intake, both through the currently under-rented units and the significant on-site development potential.”