Hibernia REIT has added a mixed-use, freehold site to its holdings on Dublin's South Docks in an off-market transaction valued at almost €18 mln.
Hibernia REIT has added a mixed-use, freehold site to its holdings on Dublin's South Docks in an off-market transaction valued at almost €18 mln.
The 0.3-hectare site at 1-6 Sir John Rogerson’s Quay fronts onto the River Liffey and adjoins Hibernia’s recently acquired Observatory Building.
The plot has existing planning permission for 9,500 m2 of net lettable office space, 464 m2 of retail, three residential units 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, which it says has 'become one of the most popular office locations in Dublin in recent years, particularly with companies within the Technology, Media and Telecommunications sector'.
This is the Dublin and London-listed REIT's 11 acquisition since listing and once the latest transaction and the purchase of The Forum, announced on 22 August, complete Hibernia will have invested €393 mln, with a further €63 mln committed.
Kevin Nowlan, CEO of WK Nowlan REIT Management, the investment manager, 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.'