PW #1

Page 1

pw Park West

2008 #1

Dublin dynamic new quarter for Ireland’s leading city

+

n Economic evolutiona

n Park West’s place in the new Dublina n Home is where the art isa


Be in business. Be with the Bank more businesses choose. Put our knowledge of your business world to the test. Park West Pointe Residential and Days Hotel Park West Development Finance Arranged and Funded solely by AIB Bank, Business Banking. Talk to Derek O'Shea, Senior Manager, Property & Construction Sector, Business Banking by calling at 00 353 1 6414431 or email derek.p.o’shea@aib.ie

Terms and Conditions apply. Allied Irish Banks, p.l.c. is regulated by the Financial Regulator.


Park West

PW

2008 #1

Editor: Sarah Herbert sarah@3foxinternational.com

Deputy editor: Kirsty MacAulay kirsty@3foxinternational.com Art editor: Terry Hawes terry@3foxinternational.com Contributors: Pamela Buxton, David Gray, Adrienne Margolis, Noella Pio Kivlehan Advertisement sales: Lee Harrison lee@3foxinternational.com Production: Rachael Schofield rachael@3foxinternational.com Office manager: Sue Mapara sue@3foxinternational.com Managing director: Toby Fox toby@3foxinternational.com Images: Dublin City Council, Guinness Archive, Diageo Ireland, Tourism Ireland Imagery, P Elliott and Company, Project Architects, Murray O’Laoire, Ros Kavanagh Harcourt Developments, Terry Hawes Printed by: Wyndeham Grange Published by: Lower Ground Floor 189 Lavender Hill London SW11 5TB T: 020 7978 6840 F: 020 7978 6837 For Harcourt Developments:

18/19 Harcourt Street Dublin 2 Ireland T: +353 (0) 1 475 3928 F: + 353 (0) 1 475 3943

04 History

Pre-Celtic Tiger, Dublin was a very different place, with a very different industrial base

08 Introduction

Dublin’s transformation, both economically and physically, is embodied in the innovative Park West, the city’s first truly mixeduse development

16 Map

How Park West is developing, and what’s in the pipeline

19 In detail

From the buildings to the concepts, we explain exactly what’s going into the 92ha development

27 Living

So, what’s it like to live and work here? Is Park West a new blueprint for cities of the future?

31 Public art

Central to the park’s ethos is its extraordinary commitment to the benefits of public art, for residents, workers and the artists themselves

36 Greater Dublin

What else is going on in the city? And how have other developments been influenced by Park West?

41 Markets

A round-up of facts and figures about Dublin, its people, and its residential, commercial and leisure markets

Subscriptions and feedback: go to www.parkwestmagazine.com © 3Fox International Limited 2007. All material is strictly copyright and all rights are reserved. Reproduction in whole or in part without the written ­permission of 3Fox International Limited is strictly ­forbidden. The greatest care has been taken to ensure accuracy of information in this magazine at the time of going to press, but we accept no ­responsibility for omissions or errors. The views expressed in this ­magazine are not necessarily those of 3Fox International Limited or Harcourt Developments.

ISSUE 1

PARK WEST 0


history

that was then

dublin’s new celtic tiger industries have an honourable pedigree, based on hard work, enterprise, and the river liffey

0

PARK WEST ISSUE 1


Left Casks at Victoria Quay. below St James’s Gate Brewery. bottom Barge on the River Liffey.

continued over page

Dublin is one of europe’s best-loved cities. And one of its most historic. From its origins in Viking times, the city’s growth was gentle, until it started to expand down its famous River Liffey in the 17th century. By the end of the 18th century, it was an elegant mercantile city, the second largest in the British Empire, with beautiful, and now treasured, Georgian streets and squares. Its wealth came from three industries: maritime trade (Dublin is Ireland’s largest port and major exporter), manufacturing (it is the largest manufacturing city in Ireland) and, of course, brewing. Now also brewed in 35 countries, Guinness is still one of Ireland’s largest employers and exporters – not bad for a business founded in 1759 in a dilapidated brewery, rented for the princely sum of £45 a year. Dublin’s industry has changed beyond recognition in the past 50 years: once again it leads the world, but this time in electronics and software. The Liffey flowing through the heart of the city can enjoy a well-earned rest. PW

ISSUE 1

PARK WEST 0


How can somewhere so stimulating be so relaxing?

Chill out at Carlisle Bay from â‚Ź2,760 per person. Includes seven nights accommodation in an Ocean or Beach Suite, breakfast, afternoon tea and dinner daily, scheduled flights from Dublin and private transfers. Available from May to August 2008. For further information or reservations contact Classic Resorts on 01 874 5000

carlisle-bay.com


history

left, top Vats at St James’s Gate Brewery. Left, above Brewhouse.

right, top Malt arriving by barge. right, above Cask pyramids.

ISSUE 1

PARK WEST 0


introduction

a tale of one city historic, and much-loved, dublin has led the celtic tiger economy to new heights of prosperity. sarah herbert looks at where the city goes from here

0 08

PARK WEST ISSUE 1


Left St Patrick’s Day fireworks over the Liffey. Above Dublin’s Temple Bar. Above right The James Joyce Bridge. top right Public art in the city.

Dublin is one of the oldest capital cities in Europe, dating back more than 1,000 years. And it’s one of the most prosperous, too, leading the Celtic Tiger economy to levels unimaginable 20 years ago. For a decade and more the Irish economy has delivered one of the strongest performances on the continent, with Dublin (city and county) the powerhouse of that growth. The country’s GNP is set to increase by over 6% in 2007. Investment expenditure, vital for future growth, actually increased in the first half of 2007 and growth in consumer spending, despite a slowdown in house price rises, remains robust at 5%. Ireland has enjoyed effectively full employment since 2000 and the labour market in Dublin has attracted skilled workers from all over Europe. Of the 59 states surveyed in 2004 by the World Competitiveness Yearbook, by International Management Development, Ireland was the 10th most competitive. All this success translates into a very desirable place to live and work. In 2002 a BBC survey of 11,200 residents of 112 European urban and rural areas declared Dublin the best place to live in the continent, and Ireland the most contented country. It is certainly one of the liveliest, with 50% of its population under 25. It is also very diverse: 10% of Ireland’s population is made up of foreign nationals, and Dublin is home to a disproportionate number of new arrivals – 60% of Ireland’s Asian population live in Dublin. It is the primary centre for education in the country, with three universities, and 20 tertiary education centres in the

city, including the Dublin Institute of Technology, and is rich in cultural history, from Yeats and Becket to Oscar Wilde, Jonathan Swift and of course James Joyce, as well as being the birthplace of many a star of stage and screen. It is also very beautiful. The centre of the city, spared the worst of the over-zealous clearance policies of the 1950s and 60s, is a showcase of Georgian architecture, and the current preservation-minded planning system is transforming areas such as Temple Bar, at one time due for clearance. The well-documented boom in Ireland’s economy was thanks to decisions taken in the 1950s to stimulate exportbased industries, meaning that it’s now one of the most competitive in the world. Industries doing particularly well are those targeted by recent government promotion policies – higher value-added products and services, which offer the best growth potential and long-term sustainable employment: chemicals and pharmaceuticals; e-commerce; information and communications technology; software; internationally traded services, including financial services; call centres and service centres; and medical devices. E-commerce and telecommunications are doing particularly well, thanks to such policies as technologyneutral legislation and regulation, and installation of advanced telecommunications infrastructures ­– the network is already more than 98% fibre-optics. Many international companies have adopted Ireland as their base for e-commerce operations, and it is becoming the number-one worldwide exporter of software. More than 300 of the world’s leading electronics companies have a base in Ireland. Eighty healthcare companies, including 15 of the world’s top 25 medial technology companies, are located in Ireland.

ISSUE 1

PARK WEST 0


NXkZ_ GXib N\jk Xe[ :_\iip FiZ_Xi[ Ycfjjfd% 8e XdY`k`flj jZ_\d\ f] i\^\e\iXk`fe `j le[\inXp `e GXib N\jk Xe[ :_\iip FiZ_Xi[% 9p nfib`e^ n`k_ cfZXc i\j`[\ekj Xe[ Ylj`e\jj\j# ;lYc`e :`kp :fleZ`c _Xm\ [\m\cfg\[ X gcXe kf Yl`c[ X e\n kfne Z\eki\ n_`Z_ n`cc j\\ Yfk_ k_\ Ylj`e\jj Xe[ Z`m`Z _lYj f] k_\ Xi\X i\m`kXc`j\[% *#,'' e\n _fd\j Xi\ [l\ kf Y\ Yl`ck# Xe[ X e\n jkXk\$f]$k_\$Xik iX`cnXp jkXk`fe n`cc c`eb k_\ Xi\X n`k_ k_\ Z`kp Z\eki\ Xe[ fk_\i b\p gXikj f] k_\ Zflekip% J_fgj# gXibj# Zi Z_\j Xe[ \ek\ikX`ed\ek ]XZ`c`k`\j n`cc Xcc Y\ `ek\^iXk\[ Xcfe^j`[\ e\n \[lZXk`fe Xe[ _\Xck_ ]XZ`c`k`\j# n_`Z_ n`cc dXb\ GXib N\jk Xe[ :_\iip FiZ_Xi[ X m`YiXek Xe[ ]finXi[$cffb`e^ Xi\X f] k_\ Z`kp% =fi ]lik_\i `e]fidXk`fe g_fe\ '( -)'.())% J\\ nnn%[lYc`eZ`kp%`\ fi \dX`c YXccp]\idfk%Xi\Xf]ÔZ\7[lYc`eZ`kp%


introduction

top Park West’s train station will be similar to this one. above Just two of the public art works on display.

And being the only English-speaking country in the Euro zone puts it at an advantage for banking and services industries. Altogether, 1,200 overseas companies have chosen to establish bases in the country, with nearly half of those coming from the US. Such companies contribute ¤14.7 billion to the Irish economy. Of course, the city’s industries weren’t always electronics and services. It used to be much better known for its maritime trade, and of course its breweries and distilleries. As the heavier industries declined, they left behind derelict sites throughout the city. At the same time, there has been a trend for residential and retail development to take place out of the city centre (between 1961 and 1991 the population of the inner city fell by more than half, but in the past 10 years has risen by 50,000), with families moving to the suburbs looking for large-enough affordable housing, with large outof-town shopping centres and the promotion of town centres away from the core city centre. To redress any depopulation and attendant problems, the city’s strategic planning guidelines suggest that the continued growth in knowledge-based, creative industries should be concentrated in clusters around Dublin itself, freeing valuable space in the city to meet the demand of small and growing businesses and reducing congestion. Another policy is to continue to develop clusters of commercial and service activities near the city centre. This strategy of planning and developing discreet areas and districts of the city has worked well in recent years, with good examples including Temple Bar, and the various district schemes in Dublin Docklands. For its part, Dublin’s Chamber of Commerce wants to see the supply of homes increased, to suitable densities (ie high in the city centre) and with enough variety in units and floor space to attract families as well as young people. And, as retail provides more than 30,000 jobs, it supports the development of regional and district shopping centres.

This strategy of planning and developing discreet districts of the city has worked well in recent years

The Dublin City Development Plan (DCDP) sets out a new spatial strategy to steer future growth in both the inner and outer city, to connect the satellite communities that have grown up, and improve infrastructure and access to education. This consists of three key initiatives: • Expansion and consolidation of the city centre, continued renewal and regeneration of the city core • Expanding and developing key suburban centres • Creating framework development areas (FDAs) to develop and regenerate key strategic areas in the inner and outer city to become economic and employment hubs and to provide high-quality mixed-use development, based around highquality public transport nodes, to ensure sustainable growth. Such developments should create distinctive urban character, integrate communities and development with the rest of the city, and provide a balanced mix of tenures. One such FDA area encompasses Park West,

ISSUE 1

PARK WEST 11


introduction

Design and art are central to Park West, with the landscaped gardens full of sculptures, and several buildings winning awards

above and top Park West Pointe apartment complex.

12

PARK WEST ISSUE 1

6km west of Dublin city centre and close to the M50, which had suffered years of industrial decline and unemployment. In 1997, part of the site was designated by the DCDP as an enterprise zone, “to provide for the creation of enterprise and facilitate opportunities for employment creation”, creating attractive tax advantages for business. At this stage, 92ha of the area, now known as Park West, was already owned by developer Harcourt. Identifying the emerging economy as being built on office industry and new technology, it built the

first two sectors of Park West (between 1996 and 2000): the business park, with 90,000sq m of offices, and 150,000sq m of warehousing in the industrial park to the east of the site. In 1997, Park West became a framework development area, and from then on began to grow as a mixed-use development. Now, as well as being the largest business park in Ireland, the campus-style development already has more than 270 commercial tenants and 476 apartments. Design and art have been central to the project, with the landscaped gardens full of sculptures, and several of the office buildings winning architectural awards. The case for Park West is backed by excellent high-tech communications and rapidly increasing leisure and transport facilities. The development includes shops and restaurants as well as a hotel, while a new train station on the northern boundary of the site, in a joint venture between the developer Harcourt and Iarnrod Eireann (the Irish state rail company) is about to open to serve the park, and surrounding area. Following the very successful (sold out) first residential phase, a ¤350 million project is under way to build 1,000 apartments on 9ha of the site, and promote the development as a new living quarter for West Dublin, has just got planning permission. This latest sector, which includes civic buildings, is designed around courtyards and sweeping streets, with vistas created between the 13 new high-quality buildings, of between four- and 14-storeys. As Conal Harvey, Harcourt’s director of group operations, says: “We developed the park into a mixed-use


For a market leading scheme, you need an agent to match. With unrivalled national reach and access to global clients through DTZ International, we have the scale and resources to match the right client to the right business space. Our knowledge based advisory services can also help you realise your property strategy, and we would be more than happy to tell you how.

DTZ Sherry FitzGerald are joint agents for:

Tel: 01 6399300

dublin.offices@dtz.ie

www.dtz.ie


introduction

Park West is unique to Dublin for a number of reasons, one of which is its remarkable commitment to the public realm

above Park West’s new state-of-theart train station. Right and far right The Luas tram and Park West marina.

14

PARK WEST ISSUE 1

development to provide a comprehensive range of services for both the business community and residents. People can live near their work if that is their preference, and the integration of offices, residential and leisure activity increases the attractiveness of the location for businesses. “We have better retail and leisure amenities here than most urban communities, at rents significantly less than city centre. The campus is an urban transport node with on-site train station, Luas tramway and public bus services. The motorway link to the airport and other major cities make it an ideal base for foreign companies.” Park West is unique to Dublin for a number of reasons. It was one of the first developments to combine commercial, retail and residential elements on such a large scale. Another is its remarkable commitment to the public realm, underpinned by the urban street pattern, relying on public transport where pedestrians, rather than cars, are the priority. A hierarchy of urban spaces of different characters – such as the station plaza, Whitelight Garden (next to the Park West Pointe apartment block) and the water park – are linked by fine walks, vistas and landmark structures, such as the Irish Wave sculpture, creating a sense of place and identity. This amazing commitment to public art makes Park West special. As Anne Mulcrone, planning consultant on the scheme, says: “This extraordinary commitment is what differentiates this development from any other. Nowhere else compares, in the city or the country. Angela Conner’s Wave has become a landmark along the M50 motorway. It’s extraordinarily beautiful.” Another jewel in the crown will be a marina on the Grand Canal, situated on the southern boundary of the site, next to an ecological sanctuary to protect Irish grasses and wildlife. “Comprising a large pond and underground caverns, the proposal is to open up the pond to form a marina and make an opening into the canal,” council official Paul Moloney says. A feasibility study is under way, and Moloney is confident that the council and Park West’s developers can make the project viable. In the same phase, the west of the site will also gain sports facilities, tree-lined parks and an arts venue. On a more practical level, another advantage for residents is the size of Park West’s homes. As Harvey says: “The residential accommodation is significantly larger than in other Dublin locations, making it attractive for people to use as long-term accommodation.” Park West has transformed this part of Dublin. “From a business perspective, the area was marginal,” says Michael Stubbs, of the council’s planning and development department. “But it has evolved, catching peoples’ imagination with good value Dublin housing, close to major transport routes and with a nice feel. It is like an oasis.” PW


WAT E R F R O N T D E V E L O P M E N T S

One Small Island, Two Huge Opportunities

E S P L A N A D E S Q UA R E • Located • Vibrant •

at the heart of Saint Helier’s waterfront mixed-use development

Jersey Tourism HQ, a transportation centre, retail units, apartments and offices Linking the old town to the new waterfront

• Bridge

• New

Street Apartment Hotel

Retail Enquiries

Office Enquiries

+44 (0)1 534 880880

+44 (0)1 534 629001

Financial Services Quarter for Saint Helier

Prime location between the town centre and waterfront Apartment homes, hotels, shops, restaurants, public squares and boulevards

• Incorporating

‘Les Jardins de la Mer’

Developer

jerseyfinance.je

harcourtdevelopments.com


map

1 4 3 13

Sector 2b

Sector 2A

2

M50

Park west development area

S

Sector 1b

16

PARK WEST ISSUE 1


Sector 3

6

5

key

15

Sector 1b Future development Sector 2B Future development Sector 2A Complete - residential quarter

11

Sector 1A Complete - business park

9

Sector 3 planning permission granted Sector 4 Complete - retail & leisure

7

Buildings and spaces 1 Park West train station 2 The Academy Building 3 The Crescent Building 4 The Concert Building 5 Days Hotel 6 Esplanade 7 Plaza retail and leisure 8 Marina

Sector 4

Sector 1A

12

In progress

Complete

Art

10

14 8 16

9 Son of Sisyphus 10 Wave 11 Poise 12 Homage 13 Whitelight Garden 14 Flock of Mallard Ducks 15 Pillarstone Sun 16 Spiral Wall (see pages 31-34) Other artworks

grand canal

ISSUE 1

PARK WEST 17



Park life

Park West’s dramatic turnaround is in full swing, with a raft of new developments completing its transformation. Kirsty MacAulay investigates

above The emphasis in sector 3 will be on creating pleasant public spaces.

Harcourt Developments’ original plans for Park West have changed beyond recognition. What was going to be a distribution park with large industrial units has blossomed into a fully fledged urban village with a mix of offices, retail, bars, apartments, stunning public art and landscaped gardens and the resultant community of residents and workers. The introduction of a marina and civic buildings in the next phase of planning will complete Park West’s transition and, with members of the local area encouraged to utilise the new facilities, should assist Park West’s integration with its neighbours. The change in direction started in 1997 as the result of a government initiative, which designated 12ha of the site

as an enterprise zone in a bid to improve the area’s fortunes. To kick-start higher value development in the area tax advantages were offered to investors and occupiers on site, which succeeded in generating growth and encouraging relocation proving the catalyst for Park West’s new direction. In response to the initiative, Harcourt began constructing high-specification, quality offices to accommodate the growing demand for space. John Doherty, marketing manager at Harcourt Developments, says that companies were attracted to the park by offering a combination of modern buildings, good transport links and tax incentives. The need to offer more than just offices was immediately obvious, as Mick Arthur, Park West’s manager, explains. “Once it became clear that Park West was going to be more than just an industrial estate we ensured that the retail

ISSUE 1

PARK WEST 19


IN DETAIL

The Crescent curves around Whitelight Garden, created to commemorate the early Christian burial mound found on site

20

PARK WEST ISSUE 1

focus was strong. One thing we’ve been keen to ensure is the provision of appropriate support for those on site.” And with 270 companies now up and running in the park and a working population of 8,000 people there is plenty of demand for the sandwich bar, pub, dry cleaners, chemist and leisure centre – just some of the services available. The Plaza, a 5,000sq m retail and leisure complex, currently sits at the heart of the site. The park has now evolved further. Adding to the overall mix it has established a 146-bed hotel and 476 apartments, with plans for more residential units. The residential element, Park West Pointe, consists of three residential blocks; the Crescent, Concert and Academy, which are all sold. Doherty puts this down to the need for larger sized residential space in Dublin. He adds: “The apartments were larger than average, well-equipped and keenly priced. For their size and specification they set a competitive benchmark in the market.” The stunning seven-storey Crescent building curves


around one of the park’s award-winning public art sculptures. Whitelight Garden was created to commemorate the early Christian burial mound that was found on the site during pre-construction excavations. The vast elliptical feature slopes towards the building providing a dramatic centrepiece that doubles up as an illuminated sculpture by night and a peaceful garden by day. The range of one-, twoand three-bed apartments surrounding Whitelight Garden all have balconies and great views, according to Pat O’Hara, lead architect at Project Architects. “The views from the units are fantastic, particularly at night when the artwork is lit up,” he says. “The building was designed so the scale and structure would emphasise the site and resultant sculpture. We had to create a form to respect the burial mound, although we could have stepped away from it we wanted to use the crescent shape to enclose it and also to provide a crescent street leading to the forthcoming railway station, so it fits both the historical and modern needs of the site.” O’Hara describes Park West as “a new urban quarter”.

“It has evolved in a way that has met the needs of the city, which is only four miles away,” he says. “The initial focus was employment but it has shifted to a living environment with all that that entails. It was a very exciting project to be involved with and there are many interactions to consider with such a mixed-use scheme.” Having worked on Park West since its inception, O’Hara vividly remembers the changes to the original plans. “We had to make sure all the elements were integrated,” he recalls. “It was quite a challenge. We’re building zones that are vastly different for working and living but have to be comfortable for both. We had to be careful we didn’t create a negative impact on the business park when designing the residential units, and vice versa. The civic elements will bring the heart into the development, with facilities such as library, creche and meeting hall available not only to residents of Park West but also the existing community.” The residential element of Park West has been a tremendous success and is set to grow. Sector 2a,

Main and top right Residential buildings in sector 2a benefit from large areas of public space and artwork. above Days Hotel Park West.

➜ ISSUE 1

PARK WEST 21


Park West Master Plan

DUBLIN

LIMERICK

CoRK

MoSCoW

BRATISLAvA

AAChEN

Tel: +353 1 453 7300

Tel: +353 61 316 400

Tel: +353 21 496 7777

Tel: +7 095 937 3757

Tel: +421 2 5263 5344

Tel: +49 241 682 3438

www.murrayolaoire.com

22

PARK WEST ISSUE 1 Murray Ó Laoire Architects is a RIAI Registered Practice


IN DETAIL

Public realm plays an important role throughout Park West. The site will be dominated by pedestrian links

home of Park West Pointe, will offer a further 250 apartments and 3,500sq m of commercial space. More apartments and townhouses are proposed for sector 3 (which has just received planning permission): a total of 761, alongside civic buildings (including a medical unit, library, creche and civic facility for exhibitions and cultural and arts uses) and office space. Public realm plays an important role throughout Park West. In sector 3 the emphasis is on using it to create a ‘unique sense of identity’ through a variety of ‘urban space experiences’. The site will be dominated by pedestrian links, in particular a central esplanade, which will run from east to west from Park West Avenue and will be used for a public arts events programme, which it is hoped will “enhance the social and cultural development of the community while providing an opportunity for improving social inclusion within the wider area, where there is a dearth of quality public realm.” The urban space is being designed to complement the built environment. For example, the esplanade will be a ‘horizontal landmark’ in response to a 14-storey building, described as an “active and dynamic bookend to the esplanade”.

Above and right Water features are located among the state-of-theart commercial buildings.

ISSUE 1

PARK WEST 23


IN DETAIL

below Park West’s mix of retail, residential and office space will create a balanced community atmosphere.

24

PARK WEST ISSUE 1

The aim for sector 3 is “to promote the creation of a high quality urban space where art, architecture and landscape architecture are dynamic components. The design has sought to intertwine conceptually and physically the creative forces of these three pursuits creating a hierarchy of fine spaces with different characteristics.” In sector 2b (currently on the drawing board) plazas, split-level courtyards, boulevards and a marina are planned to break up the public space. Murray O’Laoire architects has been working on the project since the start of the year. George Boyle, associate director, claims the practice has taken a different creative approach in “treating buildings like a sculpture park” and admits that to a certain extent the art, particularly Angela Conner’s wave sculpture, has been an inspiration for the design principles used. O’Hara, too, found that the environment affects the design. “There is a strong emphasis on the quality of finish throughout the park, which is enhanced through the use of key sculptural features,” he says. “We’ve accommodated the art works in the design process, I think the art adds to the high quality of the development.” Access to public transport is another positive feature of Park West. Unusually the transport element is being created retrospectively to much of the building as the existing station is being replaced. O’Hara explains: “Where normally you would build the residential aspects close to existing transport facilities, we did it differently. Because the station was being moved we designed the residential and now the transport is being built nearby. Essentially, we did it in reverse.” The location of the new station, which was designed by BDP, is integrated into the overall urban design of the masterplan. Traffic congestion was initially a problem in the area, but the implementation of a comprehensive traffic management plan resolved the majority of the problems. According to

Doherty, the plan included contributing to public transport improvements (financing and building the train station, subsidising a Dublin bus service and laying on a private bus fleet) and building new roads and bridges in the surrounding area. Park West is easily accessible by a variety of transport options, train, bus and road – the M50 runs along the western edge of the site, which is also bordered to the south by the Grand Canal, for anyone wanting to travel in a more leisurely fashion. Harcourt’s core philosophy in all its property developments is a commitment to the environment as well as the arts and social responsibility. This has been recognised by several independent awards: Park West has already won awards for its building design and art as well as the Opus building of the year award, which recognises the best in Irish architectural design, for the project as a whole in 2000. Park West has already established itself as a successful enterprise zone, creating much needed economic activity in the area. The introduction of more residential and civic buildings will enhance the vibrancy that comes from a truly mixed-use development and the combination of employment opportunities and variety of housing stock will bring a balance and energy to the area that was previously lacking. The transformation of this former distribution park is total. The thriving, self-contained urban village with awardwinning building design, stunning public art and a mixed residential and commercial community integrating with its existing neighbours is so much more than was originally intended for this 92ha site. PW



living

Anticipate your next move When it comes to property investment and development it pays to stay ahead of the market – you need to think smarter and act faster to capitalise on the best opportunities. We are here to help. With the largest national network of any commercial property consultancy, our market knowledge, research and forecasting capabilities across the UK and Ireland are unrivalled, helping our clients to make the right decisions.

• € 5.25 billion worth of investment transactions completed in the last two years • Specialists in all aspects of commercial property: sales, acquisitions, consultancy, rent reviews & valuations • Contact LSH Dublin office – Ian Campbell, Tim Scannell or Peter Rowan on 01 6760331

www.lsh.ie 26

PARK WEST ISSUE 1


living

working wonders park west is proving a popular spot for both relocation and start-ups. Noella pio kivlehan finds out what the attraction is When the idea of business parks first took off in the early 1980s, there was a severe shortage of any amenities. In some cases, staff would be lucky to have a mobile cafeteria. As a result, business parks earned unfavourable reputations as being dead zones. But, in the 1990s that all changed – and changed dramatically. With the revival of town-centre office markets, where everything is on the office worker’s doorstep, it became clear that parks needed to offer a wide range of amenities. Not only did this keep staff happy, it also created more business opportunities for developers in providing the creches, restaurants, gyms, retail shops, dry cleaners, and even pubs that are now standard outlets on many parks. Therefore, when companies are looking for new space on a business park these days they can now weigh up just what amenities their staff will be offered. And it is also one of the draws for occupiers to Park West.

CASE STUDY 1: Hosting365 Hosting365 – Ireland’s leading internet infrastructure provider, with 30% of the Irish market and more than 50,000 customers – relocated to Park West business park in 2005 and occupies a 2,400sq m unit. Stephen McCarron, the company’s managing director, says that since their relocation “we have successfully grown our business from our Park West base”. He says: “There are plenty of amenities within the park. Everything from excellent local restaurants and other amenities, such as a gym and a creche, have played a big part in a high percentage of our employees relocating to the area.” McCarron says that choosing to relocate to the area means less commuting time for his employees, and high productivity for Hosting365, a continuously growing company. So what made him look at Park West initially? The primary motivation “was the ample public transport services offered, to both suburban Dublin and those in the greater Dublin commuter belt,” says McCarron. “This gives us a great opportunity to recruit from a wider range of areas than if we were located in the city centre. “The park landscape and ample parking facilities are a huge bonus when it comes to clients visiting our premises. It gives a professional look which they can only be impressed with. I would have absolutely no reservations in recommending Park West, to national or international companies.”

ISSUE 1

PARK WEST 27


living

case study 2: Park West Clinic Park West Clinic describes itself as a state-of-the-art medical facility, with the primary objective of providing ‘excellence in patient care’. “At Park West we are very central as there are numerous bus and Luas routes nearby. And being just off the Red Cow roundabout, it is very accessible for all of our country patients,” says Andrew Rittweger, the clinic’s general manager. “We’ve been here, on Park West, since December 2005, since it gave us the opportunity to move and build a state-of-the-art clinic and hospital which enables us to present the image we want to project.” Another advantage of Park West for the clinic is that it has the space to expand phase two for overnight facilities. In November it will be opening a new laser therapy clinic, for hair removal, tattoo removal and glycolic peels among other treatments.

28

PARK WEST ISSUE 1


case study 3: Allianz Worldwide Care Location, cost and an extremely well-maintained park were the three main reasons for Allianz relocating its business to Park West in 2000. The company’s finance director Frank Mee says that the premises are really good value compared with rents in the centre of Dublin. “A business like ours can’t sustain high street rents, so the premises in Park West are just what we need.” Mee adds that the location suits most of the 200 employees of Allianz, which specialises in health insurance. “Most of us would have detested the commute into Dublin. As most of the staff live in the outlying suburbs or along the M50 corridor, Park West was ideally placed.” Not only that, but Mee says that Allianz’s international clients and visitors can also easily get to the park from Dublin International airport. What also impresses visitors and Allianz staff alike is how well the park is maintained. Mee highlights the modern art that is peppered around the park, which he says makes Park West “something out of the ordinary and that is something that we have always been happy with. Park West also has a very good park manager, Mick Arthur, who runs a very good show.” And it’s looking good for the future: Mee sees another bonus of the park being the way it’s constantly evolving and adding amenities.

ISSUE 1

PARK WEST 29


info@pelliott.com : www.pelliott.com North-East Region (Head Office) Cavan +353 (0)49 4331066 Eastern Region Dublin +353 (0)1 8606300 Southern Region Tipperary +353 (0)67 63072 Northern Ireland Belfast +44 28 9021 8040

P. Elliott & Company was founded in 1942 and now, over sixty years later, has grown into one of Ireland’s leading construction and property development companies. Our company is proud of its comprehensive portfolio of medium and large scale construction and property development projects across the commercial, residential, industrial, retail, leisure and public sector spectrums. Our broad experience reflects our ability to meet any challenge in all of the areas in which we are engaged.

Building on a fine tradition


public art

Artistic endeavour

public Artwork is central to harcourt’s vision for park west’s special appeal. pamela buxton looks At park west’s best assets

clockwise from top left Spiral Wall, Whitelight Garden (detail), Son of Sisyphus, Wave, and Pillarstone Sun.

twelve years ago, the idea that schoolchildren would be visiting this area of Dublin on an art trail of work by acclaimed sculptors would be inconceivable. It was seriously deprived, and when developer Harcourt chose it as the site for a business park, people thought they were crazy. As Mike Murphy, one of the founding directors at Harcourt, puts it: “It was a bit rough with lots of social problems and had a bad reputation.” Today, with the 20-year development of Park West over half-way complete, it’s a different story. Now well-established as a business park, it is expanding into housing with plans for 3,400 homes. And part of the park’s distinctiveness is down to its major investment in art which adorns the site and its buildings. One of its most significant pieces – ‘Wave’ by Angela Conner – is the tallest wind and water sculpture in Europe and can be seen from some distance, towering over the offices, and acting as an icon for the park. “We believe it’s a hugely important facet of our approach to business,” says Murphy, adding that Harcourt has spent ‘millions’ on art during the long development of the park site. On the one hand, he says, it is a selling point, helping create distinctiveness and a sense of place so important in a greenfield development. But it’s also important for the way it engages the interest of those living and working at the park. “Art in the environment is very important in any case. People may or may not like it but they are conscious of its presence and that stretches their imagination. Over time, people become quite possessive of the art and see it as theirs. They want to know about it and discuss it with others.” The concept for an art programme at Park West came naturally to Murphy, an art aficionado who as a broadcaster presented an arts show on RTE radio and has sat on the board of the Museum of Modern Art in Ireland. His enthusiasm was shared by Harcourt chairman Pat Doherty,

ISSUE 1

PARK WEST 31


public art

The pieces are a response to site and local history, and as such are doing their bit in shaping a new, locally relevant identity for the development

who embarked on a commissioning programme for key locations on the 90ha site as the development progressed. So far, Harcourt, which already had a considerable art collection, has commissioned nine artists to do a total of 16 pieces. Styles range from the figurative approach of Orla de Bri to the kinetic pieces of Angela Conner. Many are positioned strategically to make the most of the landscape – Conner’s ‘Poise’ and ‘Wave’, as well as Lloyd Le Blanc’s ‘The Flock of Mallard Ducks’, for example, all highlight water features. While those accentuate the positive, Orla de Bri’s ‘The Son of Sisyphus’ was pragmatically commissioned to detract attention away from unsightly pylons. It is now a popular lunch spot with office workers. “It worked like a dream – people don’t even see the pylons [now],” says Murphy. Pieces provide visual interest for those using adjacent buildings or, in the case of Vivienne Roche’s ‘Whitelight Garden, create an amenity as well as its role as an art work. Both Roche’s work and Patricia Jorgensen’s four huge tapestries in office foyers are a response to site conditions and local history, and as such are doing their bit in shaping a new, locally relevant identity for the development. As with any ambitious plan there have been some setbacks along the way. Angela Conner’s ‘Rolling Stones’ piece, which featured two large spheres gently rolling to and fro in a water feature, has been removed after difficulties caused by strong winds. However, it’s now been replaced with Homage, a more robust rotating piece by the same sculptor. Harcourt’s art patronage has not gone unnoticed. Judges in this year’s Allianz Business2Arts Awards gave a special recognition award for excellent commissioning and ongoing commitment to the creation of imaginative environments that can be enjoyed by all. The commitment to so much investment in art is also recognised by the artists. “It’s unusual and hugely pleasing,” says Conner of the chance to complete three pieces on one site. “Pat Doherty is one of the best patrons of [art]work. I’ve loved working with him.” In the city, some of the pieces are increasingly well known. As well as the ‘Wave’, the ‘Son of Sisyphus’ has become particularly popular as a backdrop for advertising, and even wedding photographs. Certainly Harcourt is planning to carry on with its commitment to art as Park West, and other developments such as Titanic Quarter in Belfast, continue to grow. “We’re delighted we’re doing it and will continue to do so at all our developments,” says Murphy. “It gives more of a sense of place. To have something that’s visually interesting is a bonus.” PW

32

PARK WEST ISSUE 1

Wave: Angela Conner Reaching 36m tall, Wave is the tallest water and wind sculpture in Europe. The twisting spiral can sway up to 20ft in the wind, returning to its central position by way of a 10 tonne lead counterweight. Artist Angela Conner was allocated a site at the Guinness reservoir on the park and given a free creative rein. She came up with a concept inspired by Islamic calligraphy, after being fascinated by the writing she encountered many years ago while working in Iran. The design also refers to saplings that bend in the wind but always recover their position – a reference, she says, to people who are able to refind their balance after getting into difficulties in life. Materials were crucial to get the exact wavering effect she was after. After experimental mock-ups with more rigid materials that couldn’t withstand the movement, she realised she was after something that could bend like a fishing line – and so chose carbon fibre, used for that very purpose. The sculpture, made as one continuous piece, took nine months to make and is one of three water pieces by Angela Conner at Park West.


WhiteLight garden: Vivienne Roche Discovery of an early Christian burial site on the spot chosen for Vivienne Roche’s sculpture at Park West could have caused difficulties for both artist and developer. But in the end, despite some delays while the site was surveyed, the discovery turned out to be a blessing, providing creative inspiration for a sculptural park that has become the focal point of a new residential community. Coincidentally, Roche had already been thinking about creating an earthwork-cum-sculpture with some sort of mound and wall where people could congregate and relax when the burial site was found. And once the developer had decided to go ahead with residential rather than business accommodation nearby, the opportunity arose for a piece that created a 1ha public place opposite a crescent of apartments. The burials were left in situ and covered with a mound. Unable to plant trees or dig foundations, Roche decided to use white light in her sculpture to trace the archaeology of the site burials on the surface. “I wanted to use the history of the site to create a 21st century space with a grounding in history,” she says. The key element is a 90m-long concrete sculptural wall rising up to 2m which, lit from the ground, traces the inner fosse, or trench, of the burial site. The outer fosse is represented by terraces and curves of planting. Within this are seven illuminated ‘lightbeds’ on the sites of strip burials, plus curved concrete rings that represent ring ditches. All are used as seating for those in the park as well as contributing to the composition of the piece. While the archaeology is the underlying narrative, Roche has added further interpretation to create the right aesthetic effect. These include bronze sculptures on a solar theme and openings representing the constellation Hydra within the main wall, plus two entrance wall elements. “It’s not an archaeological work. It’s an artwork,” she explains. Completed last year after seven years of planning, and two years on site, Whitelight Garden is still bedding in as the planting matures but is already enjoyed by residents as both a park by day and a light sculpture by night. “It’s designed to function in different ways,” she says. “People can take it on whatever level they want.”

ISSUE 1

PARK WEST 33


public art

Son of Sisyphus: Orla de Bri He’s known at the Park as Oscar because of his passing resemblance to the film awards statuette, but Orla de Bri’s contribution to Park West has a far grander name. The Son of Sisyphus, completed in 1999, is derived from the Greek myth of Sisyphus, a man punished for his arrogance and condemned to endlessly push a rock up a hill. The 2.5m-tall bronze figure stands at the top of a waterfall terrace, contemplating the ball at the bottom. He’s not Sisyphus but his son, determined not to meet the same fate. The piece was commissioned to divert views from the nearby busy road and pylons. De Bri came up with the theme, to represent the endless drudgery of human tasks, and was keen to include agitated water to both give a white backdrop that avoided stagnation, and also to provide a relaxing visual and audio ambience. The figure took nine months to make in cast bronze, and stands before a backdrop of eight ancient standing stones transported from Kerry. The artwork has proved to be a popular lunch spot and Orla hopes that people will come up with their own interpretations on its meaning.

34

PARK WEST ISSUE 1



greater dublin

36

PARK WEST ISSUE XXX 1


greater dublin

Around town

dublin development is booming, both in the city centre, and further out, inspired by park west’s mixed-use approach. adrienne margolis reports

Left Trinity Plaza, a planned civic square. above Waterways will become a new focus.

Development in Dublin has been on the crest of a wave for the past 10 years. More recently, eyes have turned to Park West which, in setting new standards for regeneration, is now having an impact on schemes of all sizes across Dublin. “There was a perception that the Gallanstown area was not fashionable,” says Michael Stubbs, assistant city manager in the planning and development department, Dublin City Council. “It is on the edges of the city but has good transport links, and it was a leap of faith to go into a marginal area in what was perceived to be outside the city. The vision of the developer was to create a place that is uniquely identifiable.” What has also been an enormous boost to the area are the improvements to local transport links – the Kildare route project, to turn a two track railway line into four track with new stations along the route – making other underused sites close to Park West more attractive for development. The new train station, at the heart of the development, is due to open by December 2008. Bus services have also been upgraded. One such site is the 10ha Cherry Orchard district, a social housing area with many problems, including its isolation. On the northern boundary of Park West, next to the new station, this framework development area will be transformed into a €400 million ‘new town’. The aim is to create a vibrant urban complex based around high-quality public transport nodes, and to integrate a new community into the existing one. The city council has already put in €30m of infrastructure and provided direct access to the area with new roads and bridges. Now affordable housing has been built on the site, and 5,000 new homes of different types of tenure are planned. “The area needs massive public and private investment,” Kieran Rose, senior planner at Dublin City Council says. One of the biggest boosts to the area will be from public transport improvements. As well as the new route, the main railway line to Cork runs through the area, and a DART electric rail link to all city train stations is planned. “Up till now this area has been relatively inaccessible, but the train station and

other improvements will make it one of the most connected parts of the country,” Rose predicts. Eight or nine award-winning architects are competing to help develop the site, a reflection of the influence of how the quality of the buildings at nearby Park West has raised expectations of what can be achieved. The same goes for public realm, with Cherry Orchard emulating Park West’s success in creating vibrant public spaces. Major new civic spaces are planned around the railway station to create “a high profile for public transport and a strong sense of place for the local resident and working population,” according to the development plan. There is an even more ambitious housing scheme in an area known as North Fringe. Covering 240 hectares, it is the largest pocket of underdeveloped land in the city. Originally zoned for industrial use, the city council has been changing the zoning to create a ‘sustainable town’ which will eventually have a population of up to 35,000 people. Because of the scale of the project, the council has created a forum made up of all the agencies involved, which meets quarterly under the leadership of Clive Brownlee, director of Diageo Ireland, to monitor progress. “We want to look at creating employment and social and community infrastructure. We want a mixed-use model, because at the moment the industrial buildings are of little architectural value,“ Stubbs explains. “With a new train station, motorway and metro links we want to change the image of this area as an entry point to the city.” Commercial development will include offices, industrial units, and retail and leisure facilities. Community, health and education facilities will also be built. The first of these, a primary school and a primary health care unit, will both be opening over the course of next year. “The model that Park West has used for employment and office development is a template,” says Stubbs. A total of 15,000 housing units are expected on stream by 2015. Planners hope that improved public transport will encourage sustainability. A distinct identity will be forged with the help of high quality public spaces. “Park West has demonstrated the quality that can be achieved, if developers are prepared to be imaginative,” Stubbs comments.

ISSUE 1

PARK WEST 37


greater dublin

above North Fringe, a planned new city quarter for 35,000 people.

38

PARK WEST ISSUE 1

The city’s waterways could also see a boost, in line with government plans to encourage use of the country’s canals, inspired by Park West’s relationship with the Grand Canal. Up until the 1960s, commercial traffic, including Guinness barges, plied the canal. Now recreational use is being promoted, but there are a number of lock gates which make progress along the canal slow. “Park West is an ideal place to stop, because it is half way along the canal to the city centre,” council official Paul Moloney explains. In fact, for the past few years Park West has held an annual barge event. Park West’s plans for a marina will also boost the canal. “It will be an important amenity, and everyone is anxious to facilitate the project,” Moloney says. Elsewhere in Dublin, the emphasis on high-quality public space that has distinguished Park West has not been lost on developers. Mountbrook Group is planning a 37-storey diamond-shaped residential tower as the centrepiece of a mixed-use scheme in the Ballsbridge area of the city, called Jurys Berkeley Court. The 3ha site will also include apartments, retail, an embassy complex, a luxury hotel, a garden that can be turned into an ice rink for part of the year, and a creche. There will also be a new cultural quarter containing a cinema, jazz club, art galleries, rehearsal studios and a European centre for culture. Particular attention is being paid to public spaces. Mountbrook is creating access to 3.5ha of land by providing new pedestrian streets, an underground mall, restaurants and cafes, as well as the cultural facilities. A new civic square, Trinity Plaza, is at the heart of the development. Danish architect Ulrik Raysse is the concept design architect for the scheme. He sees it as an opportunity to set a new benchmark for buildings in Dublin, while creating a strong link to the architecture that surrounds the site. “In Denmark we have a long tradition of public access to sites, so the buildings that we create pay as much attention to what

Planners hope that, with higher densities and mixed use, public transport will encourage sustainability. Highquality public spaces will help forge a distinct identity is happening outside as inside,” he explains. “The challenge here has been to open up what is very much a gated site, and exploit the possibilities for connecting it up with places in the area like the station. We want to make it a place not just for people living at Jurys, but for everyone coming to Dublin.” If planning permissions go smoothly, the scheme will be completed in 2014. It follows in the footsteps of Park West, in aiming to set new standards for buildings and amenities in the city. PW



" $&/563: *$0/ 45

#FMGBTU /PSUIFSO *SFMBOE

&YMPHMRK XLI JYXYVI JVSQ XLI TEWX

*I[ GMXMIW [SVPH[MHI EVI EW JSVXYREXI EW &IPJEWX XS TSWWIWW E HIZIPSTQIRX STTSVXYRMX] SJ XLI WGEPI SV UYEPMX] SJ 8MXERMG 5YEVXIV 0SGEXIH SR E EGVI WMXI [MXLMR [EPOMRK HMWXERGI SJ &IPJEWX 'MX] 'IRXVI 8MXERMG 5YEVXIV [MXL SRI QMPI SJ [EXIV JVSRXEKI MW )YVSTI«W PEVKIWX YVFER [EXIVJVSRX VIKIRIVEXMSR HIZIPSTQIRX ˆ Q WU JX SJ FYWMRIWW SJ´ GI 6 ( µ SSV WTEGI XS GSQTPIQIRX &IPJEWX 'MX] 'IRXVI MRGPYHMRK E WU JX +EXI[E] SJ´ GI HIZIPSTQIRX GSQTPIXMSR HYI ˆ Q WU JX GSQQIVGMEP WTEGI ˆ WU JX SJ PIMWYVI HIZIPSTQIRX MRGPYHMRK VIWXEYVERXW LSXIPW GEJqW FEVW ERH LIEPXL ´ XRIWW GPYFW ˆ 9T XS VIWMHIRXMEP YRMXW ˆ 3TIR %GGIWW 'EVVMIV 2IYXVEP 'SQQYRMGEXMSRW -RJVEWXVYGXYVI TVSZMHMRK (MVIGX +PSFEP 8MIV -RXIVRIX EGGIWW ERH FIWTSOI 4VMZEXI 2IX[SVOMRK GETEFMPMXMIW

'PS NPSF JOGPSNBUJPO DPOUBDU

8 FNBJM JOGP!UJUBOJDRVBSUFS DPN XFC XXX UJUBOJDRVBSUFS DPN


Û ÛÛ Û Û Û Û Û Û ÛÛ Û Û Û Û Û Û Û Û ÛÛ ÛÛ ÛÛ ÛÛ ÛÛ Û ÛÛ ÛÛ ÛÛ ÛÛ ÛÛ Û Û ÛÛ ÛÛ ÛÛ ÛÛ Û Û Û Û Û Û ÛÛ Û ÛÛ Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û ÛÛ ÛÛ ÛÛ Û Û Û ÛÛ Û Û Û Û Û Û Û Û Û Û Û Û ÛÛ Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û

Û

Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û

Û

Û

Û

Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û

Û

Û

Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û markets

Û

going strong

the facts, figures and vital statistics of dublin’s booming residential, commercial, and retail and leisure sectors. by DAvid Gray

Dublin’s, and Ireland’s, highly successful economy shows little sign of slowing down. The country’s GNP is still set to rise by over 6% in 2007, investment expenditure actually increased in the first half of 2007, and growth in consumer spending, despite a slow down in house price rises, remains robust at 5%. Although growth will slacken in 2008 and 2009 there are more than enough major developments on stream and in the pipeline to keep the area’s economy buoyant, especially in the city centre, around the airport and in the southern suburbs.

Residential market The Dublin market has enjoyed very strong growth in recent years. Average house prices in the city went up from ¤92,000 in 1996 to ¤427,000 in 2006. According to the ESRI Index, Dublin prices grew by 4.1% in the year to June 2007, but had peaked at the end of 2006 and actually fell by 2% in the first half of 2007. Price growth had been so high that a pause was only to be expected and most agents, including DTZ Sherry FitzGerald and Savills, expect them to stay flat through 2007. Nevertheless, the forecast is still for modest real growth (1-2% above inflation) through 2008 and 2009. Supporting the market is the lack of new housing for the rising population, especially in the suburbs. Dublin City gave planning permission in 2006 for 656 houses and 4,444 apartments, while new home registrations across County Dublin rose from 8,724 in 2001 to 17,258 in 2006. But even this level is not enough for the expected increase in households and incoming residents.

ISSUE 1

PARK WEST 41


Û

Û

Û

Û

Û

Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û

Û

Û ÛÛ Û Û Û Û Û is aÛ particular Û Û Û Û Û Û Û There demand in the Dublin Û Û Û area for new retail Û to Û Û Û especially Û Û Û Û Ûparks, the westÛ and south Û the city. This type Û Û Û Û Û Ûofof Û retailing is relatively Û Û with Û Û new to Ireland, Û Û firstÛ only opening Û Û Û the inÛ 1990. There are Û Û Û still few mixed-use Û Û Û Û Û Û developments Û ÛÛ ÛÛ ÛÛ ÛÛ Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û ÛÛ ÛÛ ÛÛ Û Û ÛÛ Û Û Û Û Û Û Û Û Û Û Û Û ÛÛ Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û ÛÛ Û Û Û Û Û Û

Û

Û

Û

Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û

Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û Û markets

The top end of the Dublin market continues to be very healthy, though the rise in house prices means that affordability is increasingly a problem further down the scale. That said, first-time buyers still accounted for over one-third of the market in the first half of 2007.

Office market There is continuing strong demand in the office market across the Dublin area, with rising rents and a high proportion of pre-lets in most new developments. Rentals in the city centre are approaching ¤600 per sq m, and ¤180-220 in the business parks around the city. According to Savills, the southern part of County Dublin has seen the highest activity in 2007, and up to 50% of new space has been pre-let. The area around the M50 (Park West’s location) has seen the best performance in both rentals and pre-lets. The record take-up of commercial space (220,000sq m) in 2006 is expected to be exceeded in 2007. Prime office yields are as high as 3.9% and forecast to hold up during the coming year. The average yearly return on commercial property has been 14.5% throughout the past 25 years and the market has been one of the best-performing in Europe. This has inevitably fuelled the costs of development land, especially in Dublin City, where sites in Dublin 2, Dublin 4 and Docklands are now chasing ¤50 million per acre.

Retail and leisure market The strong economy and rising spending have benefited Ireland’s retail trade for several years, with the national sales index rising by over 15% just between 2004 and 2006. Dublin, which has the wealthiest residents and attracts the most tourists, will have out-performed this considerably. Prime rents in the city centre are currently ¤6,000-9,000 per sq m, while levels at suburban shopping centres are between ¤3,500 and 4,500. Prime retail yields are 2.5%, and forecast to at least hold up during 2008. There is a particular demand in the Dublin area for new retail parks, especially to the west and south of the city.

42

PARK WEST ISSUE 1

This type of retailing is relatively new to Ireland, with the first only opening in 1990. There are still few mixed-use developments (retailing integrated with residential on a large scale) and, given the pressure on land availability in Dublin, this is a major gap in the market being filled by Park West. Increased tourism is proving a strong factor in the retail and leisure market. Overseas visitors to Dublin increased from 3.3 million in 2001 to 4.3 million in 2006. Dublin Airport is embarking on a ¤2 billion development plan that will include extensive retail and hotel facilities. Hotels have been a particular growth area, with Dublin’s room capacity growing by more than one-third since 2002 and several large new hotels currently under construction. PW



It was only stone. Until Gandon transformed it.

Some people understand ambitious plans. Where others see only obstacles, they sense opportunity. And then they make it happen. When we find one of these people, we hire them. Because it’s only money, after all. It’s the people who make the difference. Commercial Lending Corporate Treasury Wealth Management Stephen Court, 18/21 St. Stephen’s Green, Dublin 2. Tel: (01) 616 2000 angloirishbank.ie

C o r k • D u b l i n • G a lw ay • l i m e r i C k • S l i G o • w aT e r f o r D

There is a difference.

Terms and conditions apply. Calls are recorded. Anglo Irish Bank Corporation plc is regulated by the Financial Regulator.


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.