Dublin's Point Square up for sale for €75m

Updated / Wednesday, 14 Jul 2021 07:03

Savills said it is expecting significant interest in the sale of Dublin's Point Square

The Point Square development in Dublin's north docklands is up for sale on behalf of its joint statutory receivers, Stephen Tennant and Paul McCann of Grant Thornton, with a guide price of €75m.

Property advisor Savills is handling the sale.

It said the mixed-use scheme comprises 103,000 square foot of office space, a 242,000 square foot shopping centre, a six-screen cinema let to Odeon, 756 car parking spaces and 24,000 sq ft of permitted café / restaurant space which includes Eddie Rockets, Ruby's, Salad Box and Freshii.

Crossfit 353 have also opened a gym in the scheme.

The sale will also include the Glass Box, situated in Point Square, Dublin's first "glass box" restaurant which is nearing completion and currently available to let.

The Gibson Hotel, owned by Deka and operated by Dalata, forms part of the wider scheme.

But this, together with the 95,000 sq ft anchor unit over two floors, owned by Dunnes Stores, are held separately via a long leasehold interests and are not included in the sale.

Savills said it is expecting significant interest in the sale, adding that Point Square is considered to be one of the best asset management and value add opportunities to come to the market in Dublin in recent years.

The office section is occupied by Oath (Yahoo!) and Voxpro and has an average passing rent of about €36 per square foot with reversionary potential.

"Point Square offers investors that rare opportunity to put in place an innovative and exciting asset management strategy while collecting significant rent roll," commented Fergus O'Farrell, Investment Director in Savills.

"The retail component of Point Square offers buyers a blank canvas to put their unique stamp on this project, situated in an area that has undergone transformational change in recent years and where the likes of Microsoft, Salesforce and the Central Bank call home along with 25,000 residents," he added.