Hibernia REIT has exchanged contracts to buy 77 Sir John Rogerson’s Quay for €28.7m (£25m) in Dublin’s South Docks.
The six-storey, 34,400 sq ft office was built in 2004 and Hibernia is buying the building vacant with the intention of spending €500,000 on improvement works.
Hibernia has agreed to let the entire building to a subsidiary of International Workplace Group on a 25-year lease, with 15 years term certain. IWG will pay initial rent of €1.8m or €50 per sq ft – a 5.8% yield.
It will receive nine months rent free when the lease begins in the middle of this year.
Kevin Nowlan, chief executive officer of Hibernia, said: “The eastern end of the South Docks is undergoing a transformation with several large developments approaching completion and occupiers such as JP Morgan and Indeed.com joining State Street, Accenture and AirBnB in the area.”
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