Retail Park could return to the market with €50m asking price

By Maurice Garvey

THE Royal Liver Park, Naas Road looks set for a potential return to the market at a new asking price of around €50 million.

Two years ago, property group Allied Real Estate Group (AREG) bought the park for €25m.

Royal Liver 13 1

The Royal Liver Park on the Naas Road

AREG subsequently lodged plans for over 1,100 apartments, commercial units, and a 17-storey office block with enough room for 1,500 workers - securing planning permission from Dublin City Council.

Headed up by Barina Property Group chief Adrian Langan and Cathal McGinley, AREG are understood to be considering a possible sale.

The proposed apartment development comprises 1,102 units – the vast majority of which will be aimed towards the private rented sector market – distributed across nine blocks ranging from seven storeys upwards.

The approved scheme also includes an 18-storey office building, as well as a 203-unit shared accommodation or co-living development.

In giving its approval for the project, Dublin City Council’s planning report said AREG’s proposal for the site would secure “the redevelopment of under-utilised urban land in a prime location strategically positioned beside a major transport mode” and would be “consistent with guidance which seeks to secure more compact and higher-density development in the wider city area”.

While a move to sell the Royal Liver Retail Park for €50 million or more would see AREG doubling its money, the figure would still represent a significant discount on the €60 million price the scheme achieved when it was sold in 2005 to the Fitzwilliam Partnership, whose members included the Meath-based investor Willie Smyth.

The retail park – Ireland’s first – opened in 1990 and was developed originally for the equivalent of €11.5 million.

Tenants at the park include Homebase, Harry Corry, Carpetright, Euro Giant, Bargaintown and Furniture District. Located beside the Luas red line in Kylemore, the retail park has 500 customer car parking spaces.

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