Web Reservations takes 20-year lease on Sandyford offices

Hostelworld owner to pay €400,000 a year rent for space in Green Reit-owned complex

Stephen Vernon and Pat Gunne of Green Reit. Web Reservations is set to take offices in the Green Reit-owned Central Park complex in Sandyford. Photograph: Eric Luke

Stephen Vernon and Pat Gunne of Green Reit. Web Reservations is set to take offices in the Green Reit-owned Central Park complex in Sandyford. Photograph: Eric Luke

 

Hostelworld owner Web Reservations is set to pay more than €400,000 a year rent for a new office in the Green Reit-owned Central Park complex in Sandyford in south Dublin.

Web Reservations, whose best-known brand is the accommodation booking agent Hostelworld is taking a 20-year lease on the 2,357sq m office and will pay rent in the region of €255 per sq m for the second-floor property, a total of €401,035.

It is leasing the premises from the Central Park Partnership.

Central Park was originally owned by Treasury Holdings. The National Asset Management Agency (Nama) sold it to Green Reit and Kennedy Wilson for €310 million last year.

Green Reit took control of the offices while Kennedy Wilson bought the apartment blocks in the complex.

Other tenants in the building include Tullow Oil, Leaseplan, Vodafone, Bank of America Merrill Lynch and Ulster Bank.