Commercial Property

Ardstone Capital seeking €20m for prime office site in Sandyford

Area is home to Microsoft, Bank of America Merril Lynch, Vodafone, AIB, Google and Salesforce

The Sandyford site, which extends to 5.26 acres on Blackthorn Avenue adjacent to Sandyford Luas stop, is on the market through CBRE

Justin Comiskey
Wed May 16 2018 - 05:00

Irish private equity house Ardstone Capital is selling a prime, ready-to-go office site in Sandyford as it pivots from commercial to residential development.

The site, which extends to 5.26 acres on Blackthorn Avenue adjacent to Sandyford Luas stop, is on the market through CBRE for €20 million.

It has two live planning permissions for office developments extending to between 35,000 and 42,000sq m (376,736 and 452,084sq ft). Designed by Henry J Lyons, this so-called Eden Plaza scheme is spread over five modern blocks, with ancillary space for a cafe and retail unit.

Ardstone, which was established in 2004, acquired the site from Nama for €6.5 million but it previously changed hands during the boom in October 2007 for a figure "in the late €70s million" to property developer and businessman Reg Tuthill and Derek O'Leary, a business partner.

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The site was owned for many years by Ulster Bank – it had a data centre there – and was part of a €1.5 billion portfolio the bank parent, Royal Bank of Scotland, sold to Morgan Stanley Real Estate at the end of 2005.

MetroLink rail service

Sandyford is Dublin’s top suburban office location with easy access to the M50, N11 and the Luas while the area is to have a stop on the recently announced MetroLink rail service with connectivity to Dublin city centre and airport.

The area is home to Microsoft, Bank of America Merril Lynch, Vodafone, AIB, Google and Salesforce. Grade A office vacancy rates are about 5.8 per cent, according to CBRE, with headline rents nearing €307 per sq m (€28.50 per sq ft) – about half the going rate in Dublin city centre.

Ardstone, having acquired a prime residential land bank, is now to focus on delivering 3,500 starter homes while also moving into the private rental sector.

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