Grand Canal Square car park expected to perform strongly at €18m – The Irish Times

As visitor numbers to South Dublin Docklands continue to grow following the easing of Covid-19 restrictions, the sale of one of the area’s few secure car parks is set to appeal to a wide range of operators and investors. Located directly under the famous Bord Gáis Energy Theatre, the Grand Canal Square car park is offered to the market by agent Colliers at an indicative price of 18 million euros.

While John and Bernie Gallagher’s Crownway Investments may well be interested in gaining control of the facility given their current ownership of the theatre, the combination of the car park’s projected net income of €900,000 for 2023 and the restrictions of the Dublin City Council over the future supply of car parks in the city’s south docks is expected to face stiff competition from a number of parties.

The Grand Canal Square car park is located at the western end of the Grand Canal Dock, directly below the “Red Forest” of Grand Canal Square. The entrance is dominated by the Bord Gáis Energy Theater and the five-star Marker Hotel.

Built in 2009 as part of Chartered Land’s wider development of the Grand Canal Dock area, it is approximately 10,000m² (107,639 sq ft) and includes fully automated barriers, payment machines and heights floor to ceiling 2 meters. The car park, which operates 24/7, has 161 marked parking spaces and is one of the main underground car parks in Dublin city centre, facilitating convenient access to the city’s growing South Docks and beyond.

Currently operated by Q-Park under a management agreement, the car park has seen a substantial increase in post-pandemic activity with the resumption of full activity at the Bord Gáis Energy Theater and the Marker Hotel, and the continued return of workers to the offices of the many large occupying companies in the immediate area. These include Facebook, Google, Airbnb, Accenture, Indeed, Docusign, Tenable, Accenture and McCann Fitzgerald.

Chinese social media platform TikTok, meanwhile, is set to open two new offices in the southern docks soon. Initially, the company will occupy all of the 202,000 square feet (18,766 square meters) of office space at the Sorting Office, which is located directly across from the entrance to the Grand Canal Square parking lot. More recently, TikTok signed a deal for the entire 7,897 square meters (85,000 square feet) of office space at the Tropical Fruit Warehouse on the nearby Sir John Rogerson Quay.

Matthew Vanston of Colliers said: “Given the significant shortage of parking spaces in the surrounding area, this investment offers an immediate ability to generate a stable revenue stream with limited voids and management requirements. We expect strong interest from investors and operators. »

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