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Major Dublin office development on the market for €168m

Written by Robert McHugh, on 15th Jan 2020. Posted in Property

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It was announced today that Fitzwilliam 28 which is leased to global workplace collaboration tech company, Slack Inc, has been placed on the market with a guide price of €168m. 

The sale is being handled by Savills Ireland and Bannon on behalf of ESB Commercial Properties Limited, who anticipate a strong level of interest from European and International Investors.

The building is one of two adjoining but independent blocks both developed by Ireland’s largest utilities company, the ESB. The sister block to 28, Fitzwilliam 27 will be owner occupied by ESB. Other occupiers in the immediate area include Department of Health, Shire, LinkedIn, Google and Stripe.

The building will form part of the historic Georgian Mile and Savills say it will be one of Dublin’s most environmentally sustainable and iconic buildings. It will comprise 12,599.2 sq m (135,617 sq ft) NIA of prime Grade A accommodation over eight floors with 50 car parking spaces. Practical Completion is due in the second quareter of 2020.

Slack Technologies have taken a new long- term lease of the entire building from practical completion. The rent roll will be in excess of €7.7m per annum, reflecting an initial yield of approximately 4.2%. 

Commenting on the opportunity, Investment Director of Bannon, Rod Nowlan said, "As proven by recent lettings to the likes of LinkedIn, Twitter and Stripe, modern offices of scale situated in the traditional city core represent the focus of the current and likely future wave of occupiers.  This reflects an increased emphasis by companies on “employee experience”, and there are few modern buildings that can deliver on this aspiration more than Fitzwilliam 28."

Source: www.businessworld.ie

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