July 2006

Augusta Court approval should encourage SMEs

LAST WEEK it was "Airport City"; this week it was the turn of "Profile Park" to launch its all-singing, all-dancing business district for Dublin. Situated close to Baldonnel aerodrome in southwest Dublin and overlooking the golf course at Grange Castle, the €1 billion, 125-acre project is expected to take up to five years to construct. Promoted by David Agar, one of the main movers behind Beacon Court in Sandyford and the Harcourt Building, and backed by AIB, it hopes to attract companies looking for head office accommodation on the fringe of the city centre. Mobile phone group Meteor is rumoured to be considering it as a site to consolidate its various offices. A multinational pharmaceuticals group and American data back-up company are also thought to be close to signing on the dotted line. The facility will also incorporate a "trade city", a "retail street" and the country's largest "motor park" - exciting stuff. Agar is promising a range of retail, hotel (run by Sheraton) and leisure facilities from day one, so avoiding mistakes made in nearby Park West, a somewhat soulless business park, congested with traffic. The sun shone on launch day, although the decline in our construction industry and future economic growth places a large, dark cloud over the scheme. Ever the optimist, Agar, who spent €50 million buying the land, is bullish. " This will be Citywest but better," he said. "We'll have the best access of any business park [ in Dublin]; that's a fact and we'll build it out to meet demand. You couldn't get in or out of Sandyford when it was built; this will be different." Agar has some form when it comes to turning a buck from property. In 2004, he bought a four-acre site in Sandyford for €14 million. Fifteen months later he sold it on for close to €100 million when the market was at its peak. "It was a good deal but I've since spent all the money buying other property," he says.

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