Iput buys Lad Lane apartments for just over €10m

Property fund Iput has acquired a 30-year-old block of apartments at Lad Lane in Dublin’s south inner city where it already owns an office block and holds a significant shareholding in a second office building.

Iput CEO Niall Gaffney said they had bought it "for strategic reasons as it gives us options".

One option open to Iput might well be to replace the dated apartments with an office development of between 3,716sq m and 4,645 sq m (40,000sq ft to 50,000 sq ft).

Iput is already looking at its options for the adjoining Fitzwilton House now that its long-term tenant, solicitors William Fry, have relocated to Grand Canal Square, which leaves nine of the 11 floors free.

Iput also has a major stake with investment managers SSGA in Wilton Park House which is occupied by the IDA.

Close by LinkedIn is building a new 16,257sq m (175,000sq ft) Irish headquarters.

While deciding on the future of the Lad Lane apartments, which were bought for slightly over €10 million, Iput will be collecting an annual rent of €390,000 and further €70,800 from an adjoining car park with 37 spaces.

The apartments were built by the late PV Doyle of the Doyle Hotel Group and subsequently sold to Treasury Holdings.

The block was sold by John Swarbrigg of Savills.