The eagerly anticipated opening of Victoria’s Secret new flagship store at IPUT’s 28/29 Grafton Street, Dublin occurred yesterday following the completion of a substantial refurbishment and reconfiguration of the 2,700 sq m (29,000 sq ft) building.
Commenting, IPUT’s Head of Investment, Michael Clarke, said: “We are delighted to welcome Victoria’s Secret to 28/29 Grafton Street. This is a very significant letting for the Fund which underlines the ability of our team to deliver asset management solutions which enhance value for our investors while working in partnership with one of the world’s premier international retailers”.
As part of IPUT’s sustainability programme and a commitment to enhance the public space in which it invests and operates, IPUT has commenced a programme of improvements on Molesworth Street.
IPUT is investing in planting new trees, laying granite paving and widening footpaths adjacent to our developments at No. 10 and No. 40 Molesworth Street. Works commenced in November 2017 with the removal of existing trees and will be completed in the first quarter of 2018.
Upon completion, the overall scheme will include new trees and granite paving on the north footpath from Dawson Street to Kildare Street. The number of trees will increase from six to 17 trees.
IPUT plc Chief Executive, Niall Gaffney, commented: “IPUT has a clear and longstanding objective to support the social and cultural fabric of Dublin City. IPUT’s sustainability policy requires us to manage the impact of our business activities on the environment and the communities within which we operate. We believe the Molesworth Street works will complement the rich heritage of the surrounding area and enhance the built environment where our buildings are located. We will continue to work with the local authorities on other similar initiatives so that future generations can continue to enjoy Dublin City and its environs.”
Note on Tree Planting
The Molesworth Street improvements include the planting of 17 ‘Gleditsia Triacanthos’ (also known as ‘Honey Locust’) trees. The new trees will create a natural canopy that allows sunlight to penetrate through loose, light foliage. Six existing trees will be removed and replaced as part of the planting process.
Note on Improvement Works
The works are being undertaken with Dublin City Council Planning Permission Compliance in respect of Application Number: 3384/15.
IPUT plc has completed the acquisition of Gardner House, Dublin 2 for €63m in an off-market transaction. The 7,000 sq m (75,600 sq ft) office building which has planning permission for a 4,000 sq m extension adjoins existing IPUT holdings at Wilton Park House and is currently occupied by LinkedIn. The acquisition consolidates the Fund’s ownership in this substantial central Dublin block which also includes Fitzwilton House (to be redeveloped as One Wilton) and a block of apartments on Lad Lane.
IPUT plc, Chief Executive Officer, Niall Gaffney, commented:
“We are delighted with the opportunity to take Gardner House back into the Wilton Estate having sold the asset in 2003 for €83 million. The acquisition has allowed The Fund to take full control over the entire Wilton Estate and complete the assembly of an entire Dublin city block capable of accommodating up to 600,000 sq ft of office space.
We now intend to masterplan the entire Wilton Estate, centred around a new public realm in Wilton Park, with the first phase of our redevelopment due to start in Q1 2018, with the construction of 150,000 sq ft of offices at One Wilton.”