Savills to sell last remaining Quadrant of Ireland's most successful Retail Park

International real estate advisor Savills has announced that the last quadrant of undeveloped land in Ireland’s most successful retail park, The Park, Carrickmines, is being launched to market with a guide price in excess of €45 million for the entire.

This land sale, called ‘Q3’, is being offered in one or more Lots. The majority of the lands are currently zoned objective ‘District Centre’ – “To protect, provide for and / or improve mixed-use district centre facilities. However, 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 property consultant Mark Reynolds of Savills;
“These lands hold significant value either in the hands of a retail owner occupier or a specialised retail / 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 1 also contains an additional 3.49 acres that is zoned ‘F’ – Open space and is due to provide a new linear park for the local area.

Lot 2 comprises 1.89 acres 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 and it will provide a secondary main access point into the overall park. This high profile site is located, directly across the road 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.

The bulk of the lands are owned jointly by Park Developments Group and an associated company called Tristor Limited, in which Park own a minority stake, with the balance owned by investor clients of AIB Private Banking.

As reported previously, Tim Crowley of Tristor, secured planning permission in 2008 on an 8 acre portion of this holding for a huge mixed use scheme with a total gross floor area of 88,719 sq. m. comprising; a very large retail element including, a store of some 8,000 sq.m, together with ancillary space,which was reportedly subsequently conditionally sold to a major multinational retailer , A very significant additional office and residential element was also included in this permission. This permission has since lapsed and due to the economic downturn, the multinational retailer  exited the project on amicable terms.
 
These lands represent the last remaining undeveloped portion of land in the overall estate and, being located at the main entrance, command the very best vantage point. The area is  exceptionally well serviced by public transport, benefiting from extensive infrastructure already in situ (roads, services, road junctions etc.) including a dedicated LUAS stop directly across the road, numerous bus routes to the surrounding area and Dublin City Centre, and direct access to the M50 via Junction 15.

The Park, Carrickmines, built by Michael Cotter of Park developments in 2004, has arguably the greatest concentration of high-disposable income families within its catchment more so than any other retail park in the in the country. Retail is rebounding in Dublin, with the region benefitting from, on average, 20% higher disposable income 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. In 2014 The Park, Carrickmines had over 2 million vehicle visit and over 4.87 million visitors.

All existing retail and office space in The Park is now effectively fully let, with employment for almost 2,400 people having been created here to date.

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.”

The Park Carrickmines is one of the only locations in the County capable of accommodating significant additional retail warehouse floor space, along with supermarket and cinema/ leisure facilities in planning terms and this potential is outlined in feasibility packs that are available from the sole selling agents, Savills.