Savills and Colliers have been jointly appointed on the sale of The Park Collection, Carrickmines, Dublin 18 at a guide price of €40 million on behalf of a Commercial Property Fund managed by Cantor Fitzgerald.
The Park Collection represents a substantial mixed-use investment opportunity in one of South Dublin’s most established commercial locations. Extending to approximately 132,000 sq ft across four buildings, with 207 car spaces the scheme comprises office, medical and retail accommodation and currently produces a passing rent of approximately €3.85 million per annum, with an occupancy rate of more than 90%. The WAULT is approximately 4 years, offering a medical lead diversified income profile with clear asset management potential.
The tenant profile is diverse across the four buildings. The Herbert Building comprising approx. 80,000 sq ft of which almost 20,000 sq ft is let to government tenants, the OPW and the HSE. Other occupiers include Mars, Bimeda and a number of medical clinics. The Hyde Building of which approx. 35,000 sq ft forms part of the sale, provides office and medical occupiers including Highfield Energy, Avoca Clinic and Cognate Health. A substantial program of works has recently been undertaken in the Herbert Building, to improve the buildings ESG credentials to a BER B3. Works include modernising heating and cooling systems, upgrading ventilation and installing solar PV.
The Holborne Building comprising approx. 15,000 sq ft provides retail and medical uses, occupied by the well-established O’Briens Wines and Thérapie Fertility Clinic. The Clinic comprising almost 10,000 sq. ft has been fitted out to the highest medical standard.
The Pavilion building comprising approx. 2,000 sq ft, is occupied by an AIB Branch and Venus Medical. AIB have agreed to take a new 10 year lease, underpinning the Banks commitment to this key location.
Notably, approximately 43% 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, providing a range of healthcare services. The opening of the VHI Clinic in 2022 has attracted a new wave of medical uses to this portfolio. This exposure to specialist private healthcare and clinical occupiers provides resilience and further differentiates the asset within the suburban office market, with the medical component continuing to evolve as space becomes available.
The opportunity is being offered either as one lot or in four separate lots, providing flexibility to both institutional and private buyers.
The guide price for the entire is €40 million reflecting an attractive net initial yield of 8.7%. Individual asset pricing is available upon request from the joint agents.
Michele McGarry, Colliers & Sean Ryan McCaffrey, Savills, commented:
“The Park Collection presents an opportunity for buyers to invest in a well-established suburban mixed-use campus with a strong tenant profile and clear asset management potential. The increase in medical occupiers adds to the appeal and diversity of the opportunity. Furthermore, ability to acquire the buildings individually or in lots offers flexibility across a wide pool of buyers, and we anticipate strong interest from both domestic and international investors”.