Investment and stockbroking firm Cantor Fitzgerald has retained Colliers and Savills as joint agents to find a buyer for a substantial mixed-use portfolio at Carrickmines Park in south Dublin. The Park Collection is being offered to the market on behalf of a commercial property fund the firm manages on behalf of private investors at a guide price of €40 million.
Located immediately adjacent to the wider Carrickmines Park, the large-scale retail park owned and managed by Irish property company Iput, the Park Collection comprises a total of 132,000sq ft of office, medical and retail accommodation distributed across four buildings along with 207 car-parking spaces. The portfolio is 90 per cent occupied, has a weighted average unexpired lease term of approximately four years, and is generating total rent of €3.85 million annually. The tenant profile is diverse across the four buildings.
The Herbert Building comprises 80,000sq ft with almost 20,000sq ft of this space let to government tenants, namely the OPW and the HSE. Other occupiers include Mars, Bimeda and a number of medical clinics. A substantial programme of works has recently been undertaken in the Herbert Building, to improve the building’s sustainability credentials to a B3 BER rating. The works included modernising the property’s heating and cooling systems, upgrading its ventilation and installing solar PV panels.
The Hyde Building, of which about 35,000sq ft forms part of the sale, is occupied by Highfield Energy, Avoca Clinic and Cognate Health respectively.
The Holborne Building comprises about 15,000sq ft of space and is occupied by O’Briens Wines and Thérapie Fertility Clinic.
The Pavilion building extends to about 2,000sq ft and is occupied by an AIB branch and Venus Medical. AIB have agreed to take a new 10-year lease, underpinning the bank’s commitment to this key location.
About 43 per cent of the current income is derived from medical users, reflecting the increasing healthcare weighting in the portfolio. The buildings adjoin the VHI 360 Health Centre, which opened in 2022.
The Park Collection is being offered for sale either as one lot or in four separate lots, providing flexibility to both institutional and private buyers. The €40 million guide price for the entire equates to a net initial yield of 8.7 per cent. Individual asset pricing is available upon request from the joint agents.
Carrickmines Park is well located within south Dublin and is surrounded by the established residential areas of Carrickmines itself, Leopardstown, Stepsaside, Foxrock and Cabinteely. The scheme sits next to junction 15 of the M50 motorway and the Luas green-line stop at Ballyogan Wood.
Michele McGarry of Colliers and Sean Ryan McCaffrey of Savills say: “The Park Collection offers the opportunity to invest in a well-established suburban mixed-use campus with a strong tenant profile and clear asset-management potential. The ability to acquire the buildings individually or in lots will offer flexibility for a wide pool of buyers. We expect to see strong interest from both domestic and international investors.”