Dublin's Point Square Hospitality, Leisure, Retail And Office Development Hits The Market
Dublin's Point Square hospitality, leisure, retail and office development has hit the market via Savills on behalf of joint statutory receivers Stephen Tennant and Paul McCann of Grant Thornton with a guide price of €75 million.
As reported by The Irish Times, the Point Square development, which formerly known as Point Village, is comprised of 24,000 square foot of permitted café/restaurant space, which home to various food and beverage operators including Starbucks, Eddie Rocket's, Ruby's, Salad Box and Freshii, a six-screen cinema let to Odeon, over 61,000 square feet of space with planning permission for leisure and/or retail use, a Crossfit 353 gym, a 242,000 square foot shopping centre some, 103,000 square feet of office space, and 756 car parking spaces.
The sale reportedly also includes the Glass Box, which is situated in Point Square and is Dublin's first "glass box" restaurant, which is nearing completion and currently available to let.
Gibson Hotel And Dunnes Stores Not Included
The 252-bedroom Gibson Hotel owned by Deka Immobilien and operated by Dalata and the 95,000 square foot anchor store owned by Dunnes Stores that are part of the development are reportedly held separately via long-leasehold interests and not included in the sale.
The development reportedly already generates rental income of €4.9 million, 80% is being derived from the offices occupied by Oath (Yahoo!) and Voxpro, which are let at an average passing rent of €36 per square foot, offering reversionary potential, and have a weighted average unexpired lease term of 2.7 years.
A feasibility study prepared in advance of the sale reportedly suggests that there is potential, subject to planning permission, to add extra floors at roof level of the office block.
Savills Investment Director Statement
The Irish Times quotes Savills investment director Fergus O'Farrell as saying, "Point Square offers investors a rare opportunity to put in place an innovative and exciting asset management strategy while collecting significant rent roll. The retail component of Point Square offers buyers a blank canvas to put their stamp on this project, situated in an area that has undergone transformational change in recent years and where the likes of Microsoft, Salesforce and the Central Bank call home along with 25,000 residents."
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