Hibernia REIT plc (“Hibernia”) announces that it has let 48,500 sq ft in 1 Windmill Lane (“1WML”) to a company in the technology sector. The new tenant will occupy the first and second floors of the building and 13 car parking spaces on two leases with an average unexpired term of 20 years and an average term certain of 11.5 years from lease commencement. It will pay initial rent of €2.8m per annum, including contributions to the reception and Townhall areas and car parking, at an average of 4% ahead of September 2017 estimated rental value (“ERV”). The lease for the second floor will commence in July 2018 and the lease for the first floor will commence in March 2019.
1WML features 124,000 sq ft of offices, 8,000 sq ft of retail and 14 residential units and is one of the five adjacent properties owned by Hibernia which comprise the Windmill Quarter in the SOBO District of Dublin’s South Docks, and which total c. 400,000 sq ft of in-place or under construction office space. Hibernia has already let 24,000 sq ft of office space in 1WML to Core Media, 36,000 sq ft to Informatica and 10,000 sq ft to Pinsent Masons. Today’s announcement means over 96% of the commercial space and 100% of the residential accommodation in 1WML is now let with contracted rent of €7.5m per annum for the property and a weighted average unexpired lease term of 11.5 years for the commercial space.
Separately Depfa Bank (“Depfa”) has served notice of its intention to exercise its options to terminate its leasehold interests in the Forum, in Dublin’s North Docks, in March 2019. Depfa occupies all 47,000 sq ft of office accommodation in the building and 50 parking spaces and is paying rent of €2.0m per annum (an average of €40 per sq ft for the office space). Hibernia is considering options for the building, with the September 2017 ERV of the offices well in excess of the passing rent.
Mark Pollard, Hibernia’s Director of Development, said:
“We are delighted to welcome another tenant to 1WML. The building is now over 96% let and the quality of the tenants and rental levels achieved is a testament to the innovative design of 1WML, with its large and flexible communal areas, and to the work we are doing in transforming the Windmill Quarter.”
ENDS
Contacts:
Hibernia REIT plc +353 1 536 9100
Mark Pollard, Director of Development
Tom Edwards-Moss, Chief Financial Officer
Murray Consultants
Doug Keatinge: +353 86 037 4163, [email protected]
Jill Farrelly: +353 87 738 6608, [email protected]
About Hibernia REIT plc
Hibernia REIT plc is a Dublin-focused Real Estate Investment Trust (“REIT”), listed on the Irish and London Stock Exchanges, which owns and develops Irish property. All of Hibernia’s portfolio of properties is in Dublin and it specialises in city centre offices.