Major Dublin office development on the market for €168m

Fitzwilliam 28, one of Dublin’s most distinctive new office buildings, which is leased to workplace collaboration tech giant, Slack Inc, has been placed on the market with a guide price of €168m. The sale is being handled by Savills Ireland and Bannon on behalf of ESB Commercial Properties Limited, who anticipate a strong level of interest from European and International Investors.

Fitzwilliam 28 is a landmark office development situated in the heart of the traditional central business district of Dublin 2. The building will form part of the historic Georgian Mile and will be one of Dublin’s most environmentally sustainable and iconic buildings. It will comprise 12,599.2 sq m (135,617 sq ft) NIA of prime Grade A accommodation over eight floors with 50 car parking spaces. Practical Completion is due in Q2 2020.

Slack Technologies have taken a new long- term lease of the entire building from practical completion. The rent roll will be in excess of €7.7m per annum, reflecting an initial yield of approximately 4.2%. Colliers International represented Slack Inc in the recent letting while Savills Ireland and Bannon represented the Landlord.

The building is one of two adjoining but independent blocks both developed by Ireland’s largest utilities company, the ESB.  The sister block to 28, Fitzwilliam 27 will be owner occupied by ESB which brings an attention to detail to the development generally not present for a typical developer lead scheme of this nature. Other occupiers in the immediate area include Department of Health, Shire, LinkedIn, Google and Stripe.

Fitzwilliam 28 features extensive landscaping and sunken gardens, a double-height reception with marble walls and natural stone floored area leading to a centralised core offering maximum flexibility. The A3 BER rated building features over 1,759 sq. m (18,933 sq ft) of rooftop, courtyard and terrace gardens, providing extensive views of Dublin, in particular Merrion Square.

Fitzwilliam 28 is situated in the heart of Dublin’s Central Business District in close proximity to both the South Docks and the traditional retail core of Grafton Street and St. Stephens Green.  The building will occupy an unrivalled pitch whilst forming part of the historic Georgian Quarter of Dublin City. The area is well serviced by Dublin’s expansive public transport network with both Luas and DART services within minutes’ walk, Dublin Bike stations on the doorstep and multiple bus routes in the locality.

The building is designed by internationally acclaimed Grafton Architects and O’Mahony Pike Architects. P.J. Hegarty & Sons, who are the leading design and build contractors in Ireland, are the contractors. They have a strong track record of developing high-profile offices. Recent experience includes No 10 Molesworth Street, AIBs new corporate headquarters, and No 40 Molesworth Street, Jet.com’s headquarters.

Fergus O’Farrell, Director, Savills Investment, Ireland commented: "Interest remains strong in the office sector. Dublin’s strong occupier market and economy, coupled with the quality of this asset and its CBD location, will attract interest from global investors in Fitzwilliam 28."

Rod Nowlan, Investment Director of Bannon commented: "As proven by recent lettings to the likes of LinkedIn, Twitter and Stripe, modern offices of scale situated in the traditional city core represent the focus of the current and likely future wave of occupiers. This reflects an increased emphasis by companies on “employee experience and there are few modern buildings that can deliver on this aspiration more than Fitzwilliam 28."

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