A fund managed by BNP Paribas Real Estate Investment Managers (BNP Paribas REIM) is currently marketing one of its flagship Dublin properties, 8 Hanover Quay, to a number of established European and domestic investors with a price tag of €41.5 mln, reflecting a NIY of 3.73%.
Savills and BNP Paribas Real Estate are jointly handling the sale.
8 Hanover Quay is a waterfront property located at the prominent corner of Hanover Quay and Benson Street in the heart of the thriving South Docklands. The building has been the EMEA HQ to Airbnb since 2016.
The subject property comprises 3,747 m2 of Grade A office accommodation. The original warehouse was the former Raleigh bicycle factory and was subsequently redeveloped by Targeted Investment Opportunities (TIO) , a joint venture involving Nama, Oaktree and Bennett Construction.
The building is 100% let to Airbnb Ireland under a FRI lease with a full parent company guarantee in place from Airbnb Inc. With the next Break Option not until March 2030 the property benefits from an attractive WAULB of 8.50 years to break in 2030, and a WAULT of 14.50 years with the expiry in 2036.
With the current passing rent of €1.7 mln, the brokers said this is a highly reversionary investment proposition with the next rent review (open market) taking place in March 2026. Additionally the building benefits from strong “ESG” credentials with BREEAM accreditation and BER Certificate of Very Good.
Airbnb also occupy a further 3,715 m2 across 2 floors in the adjoining ‘Reflector Building’ which is now owned by Deka. Consent was granted by BNP Paribas REIM to break the boundary wall between the first floor in 8 Hanover Quay and the Reflector to allow a fluid working space for Airbnb employees between both properties.
