The Davy Irish Property Fund has completed contracts to lease One Airton Close in Tallaght, Dublin 24, to the Institute of Technology ( ITT).
The new tenant has agreed an annual rent of more than €400,0000 for the 2,787sq m (30,000 sq ft) building, which will be used for administration as well as office functions. The 20-year lease includes 83 car parking spaces and a break option in year 15.
Airton Close was developed by the Davy fund in 2001 and occupied by Danske Bank for 14 years before it withdrew from the Irish market . The ITT letting will add greatly to the strong leasing activity across Davy’s office, retail and industrial portfolios, increasing the weighted average unexpired lease term to 7.3 years.
Simon MacKinnon of Davy Real Estate said the company was continuing to actively engage with tenants across its portfolio and had contracted on more than 150,000sq ft of space in the past six months, securing income ahead of forecasts and in turn bolstering its 5 per cent-plus distribution yield.
BNP Paribas Real Estate acted for Davy while Lisney advised ITT.