The recent opening of TUD's Grangegorman campus coupled with the ongoing regeneration of the wider Dublin 7 area should help to drive the sale of the well-known Park Shopping Centre on Prussia Street.
The development is being offered for sale as an investment and redevelopment opportunity by agent Cushman & Wakefield at a guide price of €11 million.
The property is an established multi-let centre of 1,850sq m (19,991sq ft) set out on a 1.20 hectare (2.97 acre) site, comprising 14 retail units and a single anchor store which is owner-occupied by Tesco (not included within the sale). Tenants at the scheme include Thunders Bakery, Park Pharmacy and Bodyfirm fitness studio. The investment also includes numbers 42, 43, 44 and 45 Prussia Street, with the entire delivering a current rent roll of €431,000 per annum.
In June 2021, the property received full planning permission for the development of a 578 bed-space student accommodation scheme, 32 build-to-rent residential units, 11 retail units, two licensed cafe/restaurants and a part-licensed supermarket with 111 car parking spaces at podium level. The approved scheme will have direct pedestrian access to TUD’s Grangegorman campus, which is set to cater for some 10,000 of the university’s 28,500-strong student body.
Peter Love and Paul Nalty, who are handling the sale on behalf of Cushman & Wakefield say: “The Park Shopping Centre will be an attractive prospect for buyers seeking a return on their investment in the short term, before unlocking the site’s development potential on the basis of the proposed scheme or a redesign subject to planning permission.”