The Spawell Complex, a long-established leisure and sporting facility in Templeogue, Dublin 6W, is to be offered for sale at €6.5 million on the instructions of Grant Thornton, which was appointed receiver by Nama. John Swarbrigg of Savills is handling the sale of the mixed use complex which will show an immediate income yield of 8.9 per cent, after standard purchasing costs.
The Spawell is one of the best-known leisure centres in south Dublin with grounds extending to 13.92 hectares (34.45 acres).
It produces a rental income of €604,516 from 12 tenancies and has planning permission for a further top-class facilities.
Attractions include an 18-hole, par-3 golf course, a two-storey indoor 48-bay driving range, two squash courts and astro turf pitches.
Additional occupiers include D’arcy McGee’s Pub, Gymboree, Just Maths, Total Lazer Health and Easy Garden.
One of the strong selling points for the centre is the granting of long-running planning permission for a two-storey-over-basement leisure centre extending to 21,554sq m (232,113sq ft), a five-storey-over-basement 149-bedroom hotel with ancillary facilities over a basement of 10,204sq m (109,835 sq ft) and 579 car parking space.
The planning consent was initially granted in April 2010 and subsequently extended to April 2020.
Future owners of the Spawell will be hoping to get planning approval for some residential development on the extensive grounds.
Mr Swarbrigg points out that the draft South Dublin County Development Plan for 2016-2022 will allow a prospective purchaser the opportunity to make representation regarding the possible rezoning of a portion of the lands.
Spawell is nine kilometres southwest of Dublin city centre, convenient to a range of densely populated suburbs, including Templeogue, Walkinstown, Rathfarnham and Terenure. The complex is at the intersection of Wellington Lane and Templeogue Road, within 700 metres of junction 11 off the M50 motorway.
