Three ‘prime development sites’ in Citywest guiding at €2.25m
A PORTFOLIO containing three “prime development sites” right in the heart of Citywest Business Campus has gone to market guiding in excess of €2.25m.
Real estate agent JLL is bringing the sites, which are situated within the main central office sector and form part of the highly successful Lake Drive area with the Citywest Business Campus, to market.
Two of the three sites have dual exposure to the N82 and are accessed from Lake Drive while the third site, located within 500m, fronts the landscaped feature known as the Pool of Tara.
Together, the sites, which are claimed to be some of the last remaining office development sites within the Lake Drive office zone, collectively extend to 5.3 acres and are split by 1.1-, 1.9- and 2.3-acre plots.
The sites are served by several amenities, which include restaurant and café options in the immediate vicinity and in the nearby Citywest Shopping Centre.
Commenting on the sale of the portfolio, Brian Shields, director of the capital markets division in JLL, said: “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.”
The sites in question are zoned EE under South Dublin County Council, which is to provide for enterprise and employment related uses.
This means the sites are zoned with a focus on “office-led” developments.
Citywest Business Campus has grown to attract large international and indigenous occupiers, which include Pfizer, Adobe, Glanbia, National Broadband Ireland and Boots, in recent years.
There has been an increase in properties changing hands in the Citywest area with strong interest from local and international investors with ownership in the area.
Recent sales include Henley Bartra’s purchase of 2050 Orchard Avenue at a guide price of €9.3m, neighbouring office block (site 3009 Lake Drive) which was purchased for €21m by French investors Corum and K2 Data Centres, a Singaporean developer, purchasing a 4.6-acre site for just over €3m.
Citywest continues to witness significant residential development which will further bolster the location as one of Dublin’s premier mixed-use campuses.
The location is highly accessible for commuters across Leinster due to the proximity to the N82, N7 and M50 in addition to a multitude of transport links such as the LUAS red line and ample bus services.
Sites 3000A, 3002 and 3011 Lake Drive are the ones included in the portfolio which is up for sale with a guide price of €2.25m.
