Park Buying Centre presents funding and redevelopment alternative at €11m – The Irish Occasions

The current opening of TUD’s Grangegorman campus coupled with the continued regeneration of the broader Dublin 7 space ought to assist to drive the sale of the well-known Park Buying Centre on Prussia Avenue.

The event is being supplied on the market as an funding and redevelopment alternative by agent Cushman & Wakefield at a information value of €11 million.

The property is a longtime multi-let centre of 1,850sq m (19,991sq ft) set out on a 1.20 hectare (2.97 acre) web site, comprising 14 retail items and a single anchor retailer which is owner-occupied by Tesco (not included inside the sale). Tenants on the scheme embrace Thunders Bakery, Park Pharmacy and Bodyfirm health studio. The funding additionally contains numbers 42, 43, 44 and 45 Prussia Avenue, with the whole delivering a present hire roll of €431,000 every year.

In June 2021, the property acquired full planning permission for the event of a 578 bed-space pupil lodging scheme, 32 build-to-rent residential items, 11 retail items, two licensed cafe/eating places and a part-licensed grocery store with 111 automotive parking areas at podium degree. The accredited scheme can have direct pedestrian entry to TUD’s Grangegorman campus, which is ready to cater for some 10,000 of the college’s 28,500-strong pupil physique.

Peter Love and Paul Nalty, who’re dealing with the sale on behalf of Cushman & Wakefield say: “The Park Buying Centre will probably be a gorgeous prospect for consumers searching for a return on their funding within the quick time period, earlier than unlocking the location’s growth potential on the premise of the proposed scheme or a redesign topic to planning permission.”