herald

Friday 27 April 2018

Docklandcar park lands deal for €4.8m

A CAR park in the Dublin Docklands has been sold to a UK investment fund for €4.8m.

The selling price was €1.55m above the €3.25m asking price – almost a 50pc jump.

Based underneath Grand Canal Square, it has spaces for 150 vehicles.

A number of Irish interests including investors, funds and car park operators submitted tenders, but they were outbid by the British consortium.

The selling price works out at €32,000 per space.

PRIME

Peter Rowan of agents Lambert Smith Hampton, who handled the sale of the Dublin Docklands Development Authority, said interest was "strong" in the prime investment opportunity.

"It sold for a very strong price given the income flow coming out of it at the moment," he told the Herald.

"But there is scope to improve that. It went to a UK investment fund but the name is not being released," he added.

Charges in the short-term car park are €3 per hour between 8am and 7pm, €3.50 per hour after three hours and €10 for evenings or overnight.

The charge for 24-hour parking is €24.

Entrance to the car park is via a ramp from Chimney Lane, a road leading on to Pearse Street, while the exit is on to Macken Street.

It is operated by Q Park Management on a rolling monthly basis at a fee equivalent to €224,688 per annum.

Facebook and the William Fry legal firm are scheduled to move to this location.

The sale was carried out on behalf of the Dublin Docklands Development Authority (DDDA), which is shortly to be dissolved by the Government.

hnews@herald.ie

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