Offices at Central Quay near full occupancy following latest letting

Following on from the recent letting of the entire first floor (11,217sq ft) at Central Quay in Dublin south docklands to Millenium Capital Partners, Hibernia Real Estate Group has now secured Peninsula Petroleum as tenants for part of the building’s second floor. The company has agreed to take 3,845sq ft of space at the building. Both tenants are understood to have committed to a rent of about €54 per sq ft.

The latest letting was handled on Hibernia’s behalf by Rob Mulcair of CBRE while John Shannon of Cushman & Wakefield represented Peninsula Petroleum.

Commenting on the transaction, Mr Mulcair said: “It’s fantastic to see Central Quay nearing full occupancy following its refurbishment. The letting to Peninsula adds another high-calibre tenant which is a testament to the landlords in delivering such a high-quality offering.”

CBRE is now marketing the remaining part of the second floor extending to 683sq m (7,347sq ft) which is fully fitted to a CAT A specification and is available immediately.

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Designed by award-winning architects RKD and developed originally in 2006, Central Quay has undergone a significant programme of refurbishment since being acquired by the then Hibernia Reit for €51.3 million in 2016. Outside of the provision of a range of new tenant amenities including a new reception area, upgraded shower and locker facilities, additional bicycle parking and an exercise/yoga room, the building now has a B3 Ber rating and a provisional BREEAM In-Use Very Good rating, with a plan to achieve BREEAM Excellent certification. That improved ESG rating, coupled with the building’s strong tenant line-up of Fragomen, Hines, Millennium, Europ Assistance and DAE, saw it come close to being sold earlier this year to German investor MEAG for about €50 million. While the company, which acts as asset manager for the Munich RE Group and Ergo, is understood to have agreed heads of terms with Hibernia, the deal did not proceed.