Hibernia has bought an office property and adjoining development site in Dublin’s South Docks, the latest in a string of acquisitions by the new Dublin and London-listed property company.

Hibernia has bought an office property and adjoining development site in Dublin’s South Docks, the latest in a string of acquisitions by the new Dublin and London-listed property company.

In separate off-market transactions, the Irish REIT has acquired the loan secured on the Hanover building at Windmill Lane for just over €20 mln, or a yield of 7.3%, as well as an adjoining development site for an additional €7.5 mln.

These transactions bring Hibernia’s total number of acquisitions since listing in December 2013 to seven, and brings total funds committed to €253 mln.

'The Hanover Building will give us a significant yield and is complemented by an exciting office development opportunity with planning permission in a popular area at a time when vacant high quality office space is extremely limited,' commented CEO Kevin Nowlan.

The Hanover building is a five-storey scheme comprising 44,317 sq ft (4,100 m2) of office space on the upper floors, 11,614 sq ft of ground floor retail space, along with 13 underground parking spaces. The offices are occupied by BNY Financial Services under three leases running to 2026-2027, with tenant options to break in 2016. The retail space is occupied by Eurospar on a lease to 2032 with a tenant option to break in 2019. The building generates total rent of €1.5 mln per annum.

The Windmill Lane Site adjoins the Hanover Building and has existing mixed use planning permission for 125,000 sq ft of office space, 9,000 sq ft of retail accommodation and 15 residential units.

Hibernia said it has granted a 12-month option to a third party to invest on a side by side, equal cost basis in the combined redevelopment of the Hanover Building and the site. If exercised, Hibernia will act as the asset manager and development manager.