Monday 22 January 2018

Final section of 'The Park' Carrickmines up for sale for €45m

Michael Cogley

Michael Cogley

The last undeveloped section of The Park in Carrickmines, one of Ireland's most successful retail parks, is now up for sale with a guide price of in excess of €45m.

The Park was built by Michael Cotter of Park Developments in 2004 and it comprises of both retail and office space.

It currently houses Currys, PC World, TK Maxx, Heatons, Harvey Norman and Smyths and has created employment for almost 2,400 people to date.

According to real estate company Savills, The Park had over 2 million vehicle visits and 4.87 million visitors in 2014.

The sale, entitled ‘Q3’, comprises of lands located at the main entrance of the development and is being offered in one or more lots.

Mark Reynolds of Savills said that there is significant value in expansion of the property.

“These lands hold significant value either in the hands of a retail owner occupier or a specialised retail or 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," Mr Reynolds said.

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.

Lot 2 comprises 1.89 acres of land 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 to provide a secondary main access point into the overall park.

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