Hibernia has let the first phase of its residential scheme at Wyckham Point in Dundrum, Dublin 16.
Of the 29 recently completed flats, 27 have been taken by a technology company for its staff at 9% above September 2014 rental values.
The entire project is expected to complete by the end of Q3 and will total 364 homes.
Hibernia expects to generate a net yield of cost for the project of more than 6%. The apportioned cost for Wyckham Point was €30m (£21.6m), while the estimated build-out expense is circa €25m.
Hibernia acquired loans secured against the partially completed Wyckham Point development as part of its acquisition of a loan portfolio for €67m from Ulster Bank in February 2014.
The scheme is Hibernia’s first foray into the residential sector.
Kevin Nowlan, chief executive officer of WK Nowlan REIT Management, the investment manager, said: “We are delighted with this letting, at levels ahead of the estimated rental value, which underscores the quality of Wyckham Point and its attractive location close to Dundrum shopping centre, the Luas line and the M50.”
