PwC Dublin docklands HQ being readied for €265m sale

Middle Eastern investors paid record €242m to acquire One Spencer Dock offices in 2016

One Spencer Dock is let to PwC under a 25-year lease with upward-only rent reviews every five years. Photograph:  Nick Bradshaw

One Spencer Dock is let to PwC under a 25-year lease with upward-only rent reviews every five years. Photograph: Nick Bradshaw

 

The Middle Eastern owners of PwC’s headquarters on Dublin’s North Wall Quay have issued a request for proposal (RFP) to several commercial real estate advisers with a view to offering the property to the market later this year. It is anticipated that the building will command a price in excess of €265 million and see significant interest from international investors.

The nine-storey over basement PwC office complex has an overall floor area of 21,054sq m (226,624sq ft) and was developed in 2007 by the now-defunct Treasury Holdings, the company formerly led by Johnny Ronan and Richard Barrett.

The news of One Spencer Dock’s forthcoming sale is expected to provide a boost to the commercial property sector, coming as it does against the background of the Government’s ongoing easing of Covid-19 restrictions and vaccine rollout.

The property’s current owners set a record for the Dublin office market when they paid €242 million to acquire it through London-based AGC Equity Partners in June 2016. The US-headquartered real estate firm, Hines, had been expected to purchase the complex with the support of German pension funds at the same value, but withdrew from the deal two months earlier after almost three months of negotiations and due diligence.

One Spencer Dock is let to PwC under a 25-year lease with upward-only rent reviews every five years. The lease has just under 11 years left to run.