Hibernia REIT plc announced this morning that it has let the remaining 30,200 sq. ft. of available space in One Dockland Central, in Dublin’s North Docks. 

The final tenant is to be the Commission for Communications Regulation (ComReg), the state entity responsible for the regulation of the electronic communications and postal sectors in Ireland.

ComReg’s One Dockland Central is let at an average rent of €50psf.

Announcing trading conditions for the period April 2016 to date Hibernia have also acquired Blocks 1, 2 & 5 Clanwilliam Court, Dublin 2, for €51m (€544 per sq. ft.) in June. 

The 1970s buildings total 93,700 sq. ft. of office accommodation and 220 underground car parking spaces and are currently 76% occupied generating rent of €2.9m. 

Together with Marine House, acquired in March 2016, Hibernia now owns four contiguous blocks totalling over 134,000 sq. ft. of office accommodation in the city centre with potential for future refurbishment, extension or redevelopment.

Chief Executive Officer of Hibernia, Kevin Nowlan, said: “We are pleased with our progress in the quarter - our committed development schemes remain on schedule and the purchase of Blocks 1, 2 & 5 Clanwilliam Court is an exciting addition to our longer term development pipeline and, together with the letting to ComReg announced today, increases our contracted rent roll to over €43m. The decision to bring building management in-house will enable us to maximise the quality of service for our occupiers.”

“It is too early to see any discernible impact, positive or negative, on the occupational and investment markets in Dublin following the EU referendum result in the UK. We have a talented team, low gearing and an exciting development pipeline: we are confident that we will be able to capitalise on opportunities as they arise and we remain optimistic for the future.”

Hibernia’s announcements were made in advance of their AGM being held this morning at 11.30am.

Source: www.businessworld.ie