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TV3 double the size of Headquarters and Studio operations at Westgate Business Park.March 05 2012
The Irish Property Unit Trust (IPUT) have just completed a new letting with TV3 which will double the size of the television networks headquarters and studio operations at Westgate Business Park in Ballymount.
The transaction involves TV3 increasing the amount of space they occupy within Westgate Business Park to over 65,000 sq ft incorporating offices, production areas and studios. The existing lease held by TV3 was restructured as part of the deal, while a new letting was agreed in an adjoining unit to provide IPUT with an unexpired term on both units of over 11.5 years. It is understood that the annual rent roll will be in the order of € 350,000 per annum equating to approximately € 5.25 per.sq.ft.
Commenting on the transaction, Niall Ringrose of IPUT said “This transaction demonstrates TV3’s long term commitment to Westgate Business Park and will provide a long term, secure income stream for the benefit of IPUT’s unit holders”
David O’Malley of Savills acted for the Irish Property Unit Trust.