Docklands car park makes €4.8m

A 150-space car park underneath Grand Canal Square in Dublin’s Docklands has been sold to a UK investment fund for €4.8 million – €1,550,000 or 48 per cent above the €3.25 million guide price.

The single British bid was higher than all seven tenders submitted by Irish interests which included private investors, funds and car park operators.

The investment will provide an immediate income return of 4.48 per cent after costs.

However, with some of the tenderers expecting the rental value to rise to €300,000, the car park would end up showing a yield of just under 6 per cent.

Fee of €225,000
The higher than expected selling price works out at €32,000 per space.

Peter Rowan of agents Lambert Smith Hampton handled the sale for the Dublin Docklands Development Authority which is shortly to be dissolved by the Government.

The single level basement car park extends to 10,000sq m and 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 shortly to relocate to the area.

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.

There is also a charge of €24 for 24 hour parking.

The 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.