The long anticipated investment sale of Elmpark, Dublin 4, has been formally announced today with a guide price in excess of €185 mln. On the instruction of receivers Duff & Phelps, who have asset managed the estate for the last 4 years, DTZ Sherry FitzGerald and Savills, will today commence the marketing of the majority holding within the Elmpark Campus.
Elmpark, in the affluent area of Dublin 4, is the largest urban campus in Dublin, creating an unrivalled live/work environment in a central location. The office accommodation benefits from breathtaking panoramic views of Dublin Bay and the city. The sale offers an unprecedented investment opportunity for a purchaser to acquire a large scale mixed-use office & multi-family portfolio. These sought after sub-sectors of the market continue to attract keen interest from investors at a time when further growth in Dublin’s office and residential markets is expected.
The sustainable mixed-use campus standing on just over 7 hectares (17.3 acres) of prime Dublin 4 land is a mix of high quality offices, multi-family apartments, large terraced houses, retail and leisure. Total current income from the complex is approx. €9.5 mln per annum.
The commercial component of Elmpark comprises three detached headquarter office buildings, a café/restaurant and a crèche extending to approx. 37,161 m² (400,000 m²). 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 8 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 which upon completion will enhance on-site amenities. Excluded from the sale are 100 senior citizen houses at Heskin Court, office Block A and the remaining 114 apartments within The Bay and The Links.
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 two multi-family blocks, which have been completed to the highest specifications, are an impressive mix of 1, 2, 3 and 4 bedroom units and penthouses. Many of the residents within The Bay have views of the Dublin Mountains with The Links overlooking the Elm Park Golf Club and Dublin Bay.
The multi-family element currently provides income of approx. €3.8 mln per annum with potential to increase further. Occupancy levels within the scheme are virtually 100% with a low turnover rate.
Elmpark enjoys excellent public transport links with both Booterstown and Sydney Parade Dart stations less than 10 minutes’ walk, while the quality bus corridor (QBC) provides links to the city centre and south towards Blackrock and Dun Laoghaire. Dublin city centre is a 10 minute drive while the airport is approx. 16.5 km to the north and only 26 minutes through Dublin Port Tunnel.
There are also a number of amenities in the immediate area which both residents and office workers within Elmpark can avail of; Peacock Green provides a boutique café/restaurant offering on site. There are three nearby shopping centres; Merrion, Blackrock and Frascati not to mention a number of hotels close by. Tara Towers is immediately next door with The Clayton, Radisson Blu St. Helen’s and The InterContinental just minutes away. There are several hospitals and colleges in the immediate vicinity including St. Vincent’s University & Private Hospitals, Blackrock Clinic, University College Dublin (UCD) and Blackrock College. Elmpark also benefits from a number of leisure facilities in the area with Elm Park Golf & Sports Club, the RDS, Railway Union Sports Club, Booterstown Marsh and Blackrock Park on its doorstep.
In addition to the established uses on site, Elmpark provides a significant asset management opportunity. The familiar eight storey block The Pioneer Building forms the gateway to Elmpark. This building has yet to be occupied but now has the benefit of a dual planning permission. Originally this was designated for hotel and hospital use but has recently been granted a change of use to office space providing approximately 16,258 m² (175,000 ft²) of net internal area. Should an interested party look at converting the building they would be poised to benefit from the current robust health of the Dublin office market with rising tenant demand, falling vacancy rates and rising rents.
Source: Savills
