Hibernia Reit snaps up Dublin 2 office block for €26.5m
Building is fully let to a range of occupiers, including accountancy firm Crowe Horwath
Pictured at the Hibernia Reit AGM in Dublin today last year [ from left to right]: Tom Edwards Moss CFO , Daniel Kitchen chairman and Kevin Nowlan chief executive. Photograph: Aidan Crawley
Property firm Hibernia Reit has bought Marine House, an office building in the centre of Dublin, for €26.5 million.
The latest addition to its portfolio is a six floor office block with an underground car park in Dublin 2.
The property, which looks onto the Grand Canal, is part of Clanwilliam Court which comprises seven separate blocks.
The building is fully let to a range of occupiers, including accountancy firm Crowe Horwath and WK Nowlan Property, generating total current rent of €1.2 million per annum.
Hibernia Reit’s chief executive Kevin Nowlan said: “We are delighted to have acquired Marine House, which we know well as former occupiers.
The building is an exciting addition to our longer term pipeline of development assets in prime locations in central Dublin, with possibilities to redevelop alone or as part of a wider redevelopment of Clanwilliam Court.
“With low average rents of €23 per square foot in the building, there are opportunities in the near term to enhance the income through light refurbishment.”