March 27, 2018

HWBC sells Two Haddington Buildings for over €24 m

Two Haddington Buildings on Haddington Road has been sold by HWBC on the instruction of receivers KPMG. Two Haddington was the first of three separate HQ-style office buildings re-launched as The Haddington Buildings. The property was purchased by German fund, Quadoro Doric, for approx. €24 million, showing a net initial yield of 5.4% and comprises 28,000 sq ft of extensively refurbished office space to Grade A standards.

The entire of Two Haddington was pre-let as the new HQ building to Dentsu Aegis, a multinational media and digital company who signed a new 20-year FRI lease on the entire in August 2017, subject to a passing rent of €1.4 million per annum. Patrick Campion of our Investment Agency acted on behalf of the Receiver.

The next phase of the Dublin 4 development has now been instructed with the extensive refurbishment of Three Haddington Buildings, a self-contained HQ-style office building comprising 20,000 sq ft across four floors and excellent parking with 14 spaces. Three Haddington also boasts the prestigious ‘Percy Place’ address with views on to the Grand Canal. The proposed Grade A specification will mirror that of Two Haddington Buildings with approximately 10 months to completion and new occupiers can expect early access to fit-out from end Q4 2018. HWBC is quoting €52.00 psf for the space and €4,000 per car space. The final phase of the development comprising the final building of 42,000 sq ft is also due to undergo extensive refurbishment with completion H2 2019.

Letting enquiries can be directed to Emma Murphy of Office & Business Space emurphy@hwbc.ie.

Read the article here.

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