One of Dublin's most successful multi-storey car parks for sale.

The Christchurch multi-storey car park for sale by joint agents, JLL and Knight Frank

March 28, 2019

The 214 space car park will be sold subject to a short term lease which expires in June 2019, allowing the purchaser the flexibility to either continue to lease the car park on a long term basis, enter into a management agreement with an operator or indeed owner-operate the facility.

 The quoting price of €15.5 million is approximately €72,800 per space and would provide an attractive investment return of over 5.20% based on market rents.

The Christchurch multi-storey car park is one of Dublin City Centre's best located car parks, facilitating parking close to the Christchurch and Temple Bar area of Dublin 2 & 8 as well as the Four Courts and Thomas Street. The property which has been in the same ownership for over 25 years is being sold by Private Treaty. 

The car park is located in Dublin's historic quarter, approximately half way between Christchurch Cathedral and Wood Quay/Tempe Bar, which is the Headquarters of Dublin City Council and a highly popular tourist area. The Car Park benefits from strong signage from both High Street and Quays.

The location is an arterial route for North/South and East/West traffic and benefits from significant traffic volumes. Importantly, the property immediately adjoins the 182 room Jurys Inn hotel. Furthermore, Dublin 8, including the adjoining High Street and Thomas Street, is one of the most rapidly developing areas of the city, with new offices, retail and student & residential accommodation. Demand for car parking is therefore likely to remain strong.

The car park, which was developed in 1994, is of reinforced concrete construction with 214 marked car spaces and includes fully automated barriers, payment machines and passenger lift. The facility extends over four floors and occupies a site area of approximately 0.4 acres.  It immediately adjoins the Jurys Inn Hotel, with direct access from the car park to the hotel lobby.

The car park was leased to Q-Park on a 5 year FRI lease which expired in December. The owners entered into a short term extension with the company to allow a purchaser the maximum flexibility. Already a number of established car parking operators have expressed strong interests in leasing or managing the car park for the successful bidder.

With recent reports suggesting that on-street parking charges in parts of Dublin are set to rise by up to 70% under a new Dublin City Council parking zone expansion plan, and the planning authority limiting the number of new car parking facilities, the value of existing facilities is likely to rise.

The joint agents anticipate demand from both local and international investors as well as car park operators.