The final remaining section of undeveloped land in Ireland’s most successful retail park, The Park, Carrickmines is for sale through Savills with a guide price in excess of €45 million.
The Park, 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 2 million vehicle visits and over 4.87 million visitors.
The area is well serviced by public transport, benefiting from extensive infrastructure already in situ, 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 of lands located at the main entrance of the development and is being offered in one or more lots. Under the new draft of the ‘Dún Laoghaire-Rathdown County Development Plan 2016 – 2022’, zoning for the various lots is proposed to change to the following:
Lot 1, which fronts the main entrance to the park, comprises 12.54 acres and, under the new draft plan, is zoned ‘Objective E’ – ‘Economic Development & Employment’. Retail warehousing is open for consideration under this designation.
In addition, there is a specific local objective on these lands for a large new Neighbourhood Centre with a net retail floor space cap of 6,000 sq. m. In addition, this Lot incorporates an additional Specific Local Objective for leisure uses in the Draft Plan, which allows for the development of multiplex cinemas subject to the necessary planning.
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”.
Lot 2 comprises 1.89 acres of land and, under both the current and the new draft plan, is also zoned ‘Objective E’. This smaller parcel is located at a pivotal location, as a new feeder road onto Ballyogan Rd is proposed to directly front these lands to provide a secondary main access point into the overall park.
This high profile site is located directly across from the Ballyogan Wood Luas stop. This smaller lot will ideally suit filling station operators, car showroom occupiers, retail warehouse owner occupiers, as well as shop-neighbourhood / district centre uses. The entire has excellent profile onto the Junction 15 interchange on the M50.
Retail is rebounding in Dublin, with the region benefitting from, on average, 20% higher disposable incomes than the rest of the country. Consumer sentiment is at its highest since 2007 and is being reflected in real retail growth as well as increased demand for prime space from retailers.
Mr Reynolds concluded; “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.”