Hibernia REIT has pieced together a full riverside quadrant in Dublin after agreeing a deal for a development site at 1-6 Sir John Rogerson’s Quay.
The listed investment vehicle is paying €17.8m (£14.2m) for the 0.75-acre freehold site Dublin in an off-market transaction.
The site fronts onto the river and adjoins Hibernia’s recently acquired Observatory Building.
It has existing planning permission for 102,000 sq ft of offices, circa 5,000 sq ft of shops, three flats and 34 parking spaces.
With Hibernia’s Windmill Lane Site and Hanover Building immediately behind and the Observatory Building adjoining, the acquisition gives Hibernia ownership of a full riverside quadrant in the South Docks area.
Hibernia said the area has become one of the most popular office locations in Dublin in recent years, particularly with companies within the TMT sector.
This is Hibernia’s eleventh acquisition since listing in December 2013.
Following completion of it and The Forum acquisition announced on 22 August 2014 Hibernia will have invested €393m, with a further €63m committed.
Kevin Nowlan, chief executive of investment manager WK Nowlan REIT Management, said: “We have now assembled a full riverside block of property with exciting, planning-approved development opportunities in the vibrant and rapidly regenerating South Docks area. We are looking forward to progressing our plans and providing high quality central Dublin office space for tenants at a time when such space is in short supply.”
bridget.o’connell@estatesgazette.com
