Final Dublin docks building nearly finished

The final 52,000 sq ft building at the Customs House Docks Development in Dublin is expected to be completed within a month and joint developers British Land and Hardwicke expect to sign up tenants shortly.

"Offers have already been received for letting three of the six floors and there is significant interest in the balance," said Mr John Ritblat, chairman of British Land yesterday. "There is also serious interest in the remaining 42,570 sq ft at Exchange Place which should lead to it being let on attractive terms."

Elsewhere in Dublin, British Land has handed over the new 113-room Inn on the Green Hotel to Fitzwilliam Hotel Group. The new hotel is expected to open "soon", said Mr Ritblat. Also, the 43,000 sq ft extension to the group's St Stephen's Green Shopping Centre has opened with Planet Hollywood and T K Maxx trading as tenants.

The update on British Land's property interests in Dublin accompanied the group's interim figures detailing 51 per cent growth in half-year profits to £51 million due to a combination of higher property trading income and lower debt service costs.

Mr Riblat said the property market was buoyant in sectors where the group has placed most of its investment emphasis, offices in the City and West End of London and the retail and leisure sectors.

"We are confident that our properties will remain an increasingly attractive portfolio, both in the short and longer term, whether or not we can banish the cycle," he said.

The interim dividend is up 5.14 per cent at 3.07p comprising a 0.62p conventional UK dividend and 2.45p as a Foreign Income Dividend utilising tax paid in Ireland on profits from the International Financial Services Centre development.

Effectively, by paying a Foreign Income Dividend, British Land can offset Advance Corporation Tax payable to the UK government as it has already paid tax to the Irish government.