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OUTSTANDING CITY CENTRE MULTI-STOREY CAR PARK FOR SALE BY PRIVATE TREATY Christchurch Car Park www.christchurchcarpark.com
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OUTSTANDING CITY CENTRE MULTI-STOREY CAR PARK
FOR SALE BY PRIVATE TREATY
ChristchurchCar Park
www.christchurchcarpark.com
Christchurch Cathedral
Dublin City Council
JurysHotel
City Hall
Dublin Castle
Temple Bar DublinDocklands
LOCATIONThis outstanding car park is on the south west side of the CBD in the oldest part of Dublin, approximately half way between Christchurch Cathedral and Wood Quay/Tempe Bar, which is the Headquarters of Dublin City Council and a highly popular tourist area. The Car Park benefits from strong signage from High Street and Patrick Street. The location
is an arterial route for North/South and East/West traffic and benefits from high daily volumes. Importantly, the property immediately adjoins the Jurys hotel, which comprises of 182 rooms accommodating approximately 90,000 guests per year based on average Dublin Hotel occupancy rates. Furthermore, Dublin 8, including the
adjoining High Street and Thomas Street, is one of the most rapidly developing areas of the city, with new offices, retail and student & residential accommodation. Demand for car parking is therefore likely to further strengthen over the short to medium term.
INVESTMENT SUMMARY
Established City Centre car park with 214 car spaces
For Sale with Vacant Possession from
June 2019
Flexibility for purchaser to lease or owner
operate
Robust car parking demand with limited
competition
Adjoins Jurys Hotel
Future development potential (SPP)
ChristchurchCar Park
OUTSTANDING MULTI-STOREY CAR PARKFOR SALE BY PRIVATE TREATY
ChristchurchCar Park
THE OPPORTUNITYThe Christchurch multi-storey car park is one of Dublin City Centre’s best car parks, facilitating parking to the popular Christchurch and Temple Bar area of Dublin 2 & 8. The property which has been in the same ownership for over 25 years is being sold by Private Treaty. It is currently let on a short term basis which can be extended or alternatively vacant possession can be provided. With the current lack of quality investments in the market, this asset has the capacity to deliver stable income with minimum voids and management requirements. In the car parking sector, increased automation is reducing operating costs and allowing for greater levels of remote management. Mobile App’s, vehicle registration recognition systems and online payment technology is reducing the need for on-site personnel costs and eliminating the security risks associated with cash based pay stations. With running costs falling, operators are able to pay higher rents and this has made car parks a more attractive investment. Although shopping patterns are changing, shops are being replaced by increased leisure and food & beverage uses, extending the duration people stay in the city centre. Dublin City Council’s planning policies have restricted the number of new car parking facilities, limiting potential competition. The lease is on full repairing terms, obliging the tenant to maintain the property including re-painting the facility in the last year of the term. The expiration of the lease in December (notwithstanding the short term extension granted) allows a purchaser the maximum flexibility to include re-letting the property on a commercial lease; licence the facility to an operator on a management agreement; directly operate the car park; re-letting the facility but maintaining the development rights on the upper deck.
DescriptionThe Christchurch car park was built c. 1990 and is an in-situ reinforced concrete multi-storey car park providing 214 car spaces. It extends over three / four floors on a site area of approximately 0.4 acres / 0.16 hectares. It immediately abuts the Jurys Hotel and has four apartments overhead, which are in separate ownership and accessed via Ross Road. The property has been occupied since 1st January 2014 by Q-Park who have enhanced its systems during the term of the lease.
The fourth floor has a direct pedestrian link into Jurys Hotel.
TenancyThe property is currently let to Q-Park under a FRI lease, originally for 5 years expiring end December 2018 but since extended to expire 30th June 2019. The tenant has signed a Deed of Renunciation providing the new owner with the flexibility to determine the future use of the car park. In our opinion there is exceptional demand from car park operators for an asset of this type. The short term flexibility of the extension also gives a purchaser the maximum flexibility to let, operate, extend, reconfigure or redevelop the facility.
AccommodationThe property has 214 car spaces over 3/4 storeys plus open-air roof deck.
214car spaces
ChristchurchCar Park
Investment Market The Irish property investment market remains robust, with projections of €3 billion for 2019. For 2018 City centre office blocks made up the largest sector of the market, accounting for 42% of total transactions. Residential investment was the fastest growing sector, with PRS (Private Rented Sector) 30% of turnover. Alternative investments, including car parks, student housing, nursing homes etc., made up approximately 5% of the market but are increasing in popularity. Car parks remain an attractive investment opportunity as they offer a strong income flow. If the tenant defaults, the facility can be owner operated or licenced on a management agreement. Ownership costs are lower than other property assets with limited
structural/design obsolescence. Unlike office or residential blocks there is rarely the need for large capital spend at lease expiry.
Dublin remains the focus of investor activity, accounting for 86% of all transactions.
The Irish property market continues to attract global interest, with overseas buyers making up 76% of the market by volume. Given that they accounted for the top two transactions of 2018, it is unsurprising that United States buyers were the most active
source of capital in the market comprising 43.6% of the market. This was followed by European buyers who accounted for 26.2% of all deals. Irish investors came in third with 23.3% of the market.
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Shelbourne ParkGreyhound
Stadium
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Bus Routes
T R A N S P O RTLuas Lines Train Stations Dublin Bike Taxi Ranks
Stephens Green Shopping Centre l
l Christchurch
l Temple Bar
l Four Courts
l Jurys Hotel
The particulars and information contained in this brochure are issued by JLL and Knight Frank on the understanding that all negotiations are conducted through them. Whilst every care has been taken in the preparation of the particulars an d information they do not constitute an invitation to treat, an offer or a contract of any nature whether express or implied. All descriptions, dimensions, maps, plans, artists’ impressions, references to condition, permissions or licences of use or occupation, access and other details are for guidance only and may be subject to change, without prior notification. The particulars and information are given in good faith but no intending purchaser / tenant should rely on them as statements or representations of fact and is specifically advised to undertake its own due diligence (at its own expense) to satisfy itself as to the accuracy and / or correctness of the particulars and information given. None of JLL or Knight Frank, its employees, agents or affiliate companies, makes any warranty or representations whether express or implied with respect to the particulars and / or information and which are to the fullest extent permitted by law, disclaimed; furthermore, such parties accept no liability in respect of any loss suffered by any intending purchaser / tenant or any third party arising out of the particulars or information. Prices are quoted exclusive of applicable taxes such as VAT (unless otherwise stated) and all negotiations are conducted on the basis that the purchaser / lessee shall be liable for any applicable taxes or VAT arising out of the transaction.
Brochure design by
JLL PSRA No. 002273 | Knight Frank PSRA No. 001266
TitleFreehold / Long Leasehold.
PlanningThe property is in an area zoned Z5 City Centre under the 2016-2022 Dublin City Development Plan.
Solicitors
ContactFor further information or inspection please contact the joint agents:
+353 1 634 2466
Adrian [email protected]
Ross [email protected]
+353 1 673 1600
Fiachra [email protected]
ChristchurchCar Park
www.christchurchcarpark.com
