Nama to sell massive Dublin 4 campus for €185m
One of the largest property assets in the country, developed by Bernard McNamara during the boom, has been put up for sale today with a guide price of more than €185m.
The price for Elmpark Urban Campus, which is located at Merrion Road in Dublin 4, is a long way off the €550m advanced to by the former Anglo Irish Bank to Mr McNamara, Jerry O'Reilly and David Courtney.
The 17.3 acre campus, the largest urban campus in Dublin which is made up of a mix of office and residential developments, was seized in the property crash by Nama and is currently controlled by the bad bank.
Total current income from the complex is approximately €9.5m per annum.
The commercial component of Elmpark comprises three detached headquarter office buildings, a café/restaurant and a crèche extending to approximately 400,000 sq ft.
The multi-family element known as “The Links and The Bay” comprise a total of 332 apartments, of which 218 are included in the sale.
Details of sale were announced by estate agents DTZ and Savills.
There are an additional 8 terrace houses to the front of the development.