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Dublin’s office market has received a timely boost over the past week with a €30M deal completed and two blocks in a separate development coming to market for circa €20M.
Cosgrave Property Group has sold two office blocks in Santry, Dublin, for approximately €30M to acquisitive Canadian-Irish investment fund Camgill Conway, which has already made several retail purchases in Ireland.
The fully let Swift Square offices are located at Northwood in Santry Demesne and offer a combined floor area of 158K SF. Block 2 is let completely to the ESB, while Block 1 is let to nine tenants, including BMW, Close Brothers, National Standards Authority of Ireland and Affidea, with total annual rents of around €4.2M.
The deal also included a surface car park between the office blocks and the Cedarview housing development, with potential for apartment development after a previous feasibility study indicated the space could be used to deliver a residential scheme of 502 apartments.
Joint selling agents are Hooke & MacDonald and Savills Ireland.
Meanwhile, Savills is also seeking buyers for a pair of buildings at Ashtown Gate, Dublin. Blocks B and C, totalling 33K SF, are owned by Toronto-headquartered Ravelin Properties REIT and have a guide price of circa €20M and are part of an office development located just off the M50, 6 kilometres from the city centre.
For its part, Cosgrave Property Group has been completing a divestment of several of its real estate assets in the greater Dublin area over recent years, while Camgill Conway has acquired more than €130M worth of property. Deals include Dundalk Retail Park, which it bought in an off-market transaction for €25M in late 2022 and which has about 20 occupiers, including anchors Woodie's, Currys PC World and Halfords, plus an Omniplex cinema, Costa Coffee, KFC and Park Café.
Camgill has deployed more than €200M in Ireland since its debut in 2015, operating alongside property entrepreneur Damien Conway, and the partners also own Ballymount retail park and the Ashleaf centre in Dublin, plus Barrow Valley Retail Park in County Carlow.
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