NAMA to sell landmark south-Dublin development for €185m


Nama has placed the 17 acre Elm Park complex close to St Vincent’s Hospital in south-Dublin on the market with an expected price tag of €185m.

The almost completed development is one of the largest mixed use commercial and residential sites in the city outside the docklands area and was built by high-profile developers Bernard McNamara and Jerry O’ Reilly, having borrowed €550m from Anglo Irish Bank to do so.

The project was one of the victims of Ireland's economic crash, it is the largest urban campus in Dublin - but much of the landmark front block has remained vacant.

The sale includes more than two hundred apartments, four office blocs and various retail outlets. Vacant shell and core buildings at the rear of the site include a planned conference centre, leisure building and swimming pool.

Its current rental income amounts to €9.5m per year, this is split between €5.7m from commercial operations, and €3.8m from residential payments.

Details of the sale will be announced today by Patricia Ward of DTZ Sherry FitzGerald and Fergus O’Farrell of Savills - the sale is on the instructions of receivers Duff and Phelps.

News of this sale comes as fresh data shows that residential rents in Dublin haveincreased by 9.2 percent during the second quarter of 2015.

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