Blanchardstown Retail Park Sale was the Most Expensive in Dublin’s History

Blanchardstown Centre, located on the outskirts of Dublin, was opened in 1993 by former owners Green Property Ltd. The centre was put up for sale in January 2016 and attracted a number of offers from interested parties before Green Property Ltd accepted a bid of €945 million from US Investment company Blackstone.

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The successful offer was reported in the media back in June and thought at the time to be the biggest property deal ever made in Ireland. A recently published report into the Irish property market by BNP Paribas Real Estate has now confirmed that the completed €945 million sale is a record amount paid for a single property in Ireland. The report also goes on to confirm that the deal helped push the second quarter of 2016 into further record breaking territory. April to June 2016 saw a massive €2.1bn in commercial property assets bought and sold in total, nearly tripling the previously record holding transactions made in the second quarter of 2014.

Dublin’s Largest Office Investment Property Also Sold

Office properties continue to be a cornerstone of the market with €717 million in transactions in the same quarter. Dublin’s largest office investment was also sold in June 2016 for €240 million, contributing to the sector’s impressive sales figures.

In turn, the sustained growth in successful commercial property projects continues to push demand for services in other connected sectors. Demand for services from design and shopfitting companies such as Belfast shopfitting company Designco has increased, with brands and businesses becoming more interested in these successful investment projects.

Increasing Demand for Prime Commercial Space

With over 180 stores and over 25 restaurants spread across 3 parks, Blanchardstown Centre is a shoppers’ paradise with all leading international and Irish brands represented. The centre also boasts Ireland’s largest purpose built public library, a 9 screen Odeon cinema complex and a theatre. The combined leisure and retail attractions have also brought in a number of international businesses including eBay, which has located its headquarters within the centre.

The continued success and expansion of Blanchardstown Centre and many other retail centres throughout Ireland, together with the continued investments being made into the sector from investment giants like Blackstone, shows a strong confidence in the retail and employment markets throughout the country.