Starwood Capital in partnership for €35m Dublin 4 development
Published 19/02/2016 | 02:30
REAL estate investment giant Starwood Capital is to partner with Irish commercial property developer Chartered Land on a €35m campus development in Dublin 4.
Starwood, which acquired the 750,000 sq ft Elm Park campus in January for €190m, will develop the campus to include a sport and leisure centre, significant landscaping, and further amenities.
Chartered Land will undertake a major development of the eight-storey, 174,000 sq ft Pioneer Building, which is prominently located at the front of the campus. The senior vice president of Starwood Capital, Adam Shah, said the Merrion Road site has "exceptional promise".
"Given its scope and scale, the quality of its existing assets and the prospects for significant enhancement through strategic development, we expect to create a world-class work-live environment at Elm Park," Mr Shah said. "When repositioned over the next 12 months, Elm Park will feature modern, architecturally striking office buildings and apartments, complemented by a lush, landscaped campus with best-in-class amenities ideally located in South Dublin," he said.
Chartered Land chief executive Andrew Gunne said the estate's potential is highlighted by its existing clients.
"The fact that tenants such as Allianz, Novartis, Willis and Wipro have located here underscores its appeal to large, international corporate occupiers.
"Given the attractive Dublin 4 location adjacent to Ballsbridge, Donnybrook, Belfield and Blackrock, our renovations should elevate Elm Park to compete favourably with the very best new developments for years to come."
As well as the Pioneer Building, Elm Park consists of two blocks of multi-family housing, totalling 332 units, as well as eight houses.