Saturday 23 March 2019

Christchurch car park at €15.5m offers 5.2pc return

213-space facility adjoins Jurys Inn Hotel

Return business: Christchurch multi-storey car park is located immediately adjoining the 182-room Jurys Inn Hotel and within close proximity of both the Christchurch and Temple Bar areas
Return business: Christchurch multi-storey car park is located immediately adjoining the 182-room Jurys Inn Hotel and within close proximity of both the Christchurch and Temple Bar areas
Return business: Christchurch multi-storey car park is located immediately adjoining the 182-room Jurys Inn Hotel and within close proximity of both the Christchurch and Temple Bar areas
Ronald Quinlan

Ronald Quinlan

The sale of one of Dublin city centre's best-located and most successful car parking facilities is expected to see demand from a range of domestic and international investors and car park operators.

Christchurch multi-storey car park is being offered to the market by joint agents JLL and Knight Frank at a quoting price of €15.5m - or the equivalent of €72,800 per parking space. Based on prevailing market rents, the scheme offers the prospective purchaser an investment return of over 5.2pc.

The 213-space car park is being sold subject to a short-term lease which expires in June 2019, allowing the purchaser the flexibility to either continue to lease the car park on a long-term basis or enter into a management agreement with an operator. The purchaser could also choose to act as owner-operator of the facility.

Christchurch multi-storey car park is acknowledged as one of Dublin city's leading parking facilities, owing to its close proximity to the Christchurch and Temple Bar areas of Dublin 2 and 8 as well as the Four Courts and Thomas Street.

Situated in Dublin's historic quarter, approximately half way between Christchurch Cathedral and Dublin City Council's Wood Quay headquarters, the property enjoys a significant throughput of business and tourist traffic all year round.

Quite apart from its location immediately adjoining the 182-room Jurys Inn Hotel, the car park is perfectly-positioned to benefit from the ongoing regeneration and development of High Street and Thomas Street, and the wider Dublin 8 area.

With numerous office, retail and student accommodation schemes either underway or in the pipeline, the selling agents expect demand for car parking at the facility to remain strong.

That demand could be bolstered even further should Dublin City Council move to limit the number of new car parking facilities it permits in the city.

Developed in 1994, the Christchurch multi-storey car park is of reinforced concrete construction, and has 213 marked car spaces, fully-automated barriers, payment machines and also has a passenger lift.

The facility extends over four floors and occupies a site area of approximately 0.4 acres.

The property immediately adjoins the Jurys Inn Hotel, with direct access from the car park to the hotel lobby.

The car park was leased to Q-Park on a five-year FRI lease which expired in December 2018. The owners entered into a short-term extension with the company to allow a purchaser the maximum flexibility.

A number of established car parking operators have already expressed their interest in leasing or managing the car park for the successful bidder, according to the selling agents.

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