Citywest development site portfolio guiding at €2.5m

Agent JLL is guiding a price of €2.5 million for a portfolio of three development sites at the Citywest Business Campus in Dublin.

Located within the Lake Drive area, the subject sites are surrounded by existing office buildings ranging in height from two to four storeys, and are complemented by the high-quality landscaped spaces synonymous with Citywest.

The sites are served by a number of amenities including restaurants and cafes in the immediate area and at the nearby Citywest Shopping Centre.

The Citywest Campus is home to wide range of large indigenous and international occupiers, including Pfizer, Adobe Systems Software, National Broadband Ireland, Boots and Glanbia.

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Two of the three subject sites have the benefit of dual exposure with N82 profiles and are accessed off Lake Drive, while the third site is less than 500m away, fronting the central landscaped feature in Citywest known as the Pool of Tara. Taken together, the sites extend to an overall area of 2.1 hectares (5.3 acres) and are divided into 0.4-, 0.8- and 0.9-hectare (1.1-, 1.9- and 2.3-acre) plots.

‘Rare opportunity’

Brian Shields of JLL’s capital markets division says: “This is a rare opportunity to develop sites in one of Ireland’s most prominent business campuses. With positive planning history and being highly accessible, we are confident that any developments built will be successful.”

Citywest has seen strong transactional activity over recent years with strong interest from both domestic and international investors.

Recent sales include Henley Bartra's purchase of 2050 Orchard Avenue at a guide price of €9.3 million, a neighbouring office block (site 3009 Lake Drive) which was purchased for €21 million by French investor Corum Asset Management, and K2 Data Centres, a Singaporean developer, purchasing a 1.8- hectare(4.6-acre) site for just more than €3 million.

Citywest also continues to see significant residential development which will further bolster the location as one of Dublin’s foremost mixed-use campuses. In terms of access, the scheme is well-located in close proximity to the N82, N7 M50 motorway. The campus itself is served directly by the Luas red line and several Dublin Bus routes.