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.”
IPUT plc announces that it has pre-let the entire of 10 Molesworth Street to leading Irish financial services group Allied Irish Banks plc (‘AIB’ plc). The 115,000 sq. ft. (10,680 sq. m.) landmark office building is located at the heart of Dublin’s commercial and government quarter and is due for completion in Q1 2018.
IPUT plc, Chief Executive, Niall Gaffney, commented: “We are delighted to welcome AIB plc to 10 Molesworth Street and to the IPUT portfolio. The completion of this major letting to AIB means we have now fully pre-let all of our development projects, bringing our total lettings for the year to date 2017 to 400,000 sq. ft, generating €16m in new rent for our shareholders in 2017. We designed 10 Molesworth Street to reach the highest possible standards of sustainability and it will be the first newly constructed office building in Ireland to achieve platinum accreditation through the LEED rating system. We take a long-term approach to investment and this strategy is reflected in the selective redevelopment of our properties. As is evident from the successful completion and leasing of 10 Molesworth Street, this form of investment both enhances the quality of our building stock and regenerates our rental income for the longer term.”
The building, located on the corner of Molesworth Street and South Frederick Street, has been designed by leading Architects, Henry J Lyons to reflect the rich heritage of the surrounding area and will be finished using handmade Coleford Brick, Portland Stone and full height, floor-to-ceiling windows incorporating finely honed stone fins.
IPUT acquired the original building in March 2013 for €18m and received planning permission to redevelop the space in 2014. The full redevelopment of the site commenced in 2016 and has been managed by IPUT’s in house development team. With a final construction cost of €45m, this is the largest redevelopment project undertaken by IPUT. Upon completion in early 2018 the building will deliver an income yield on cost for the fund of c.11% and a profit on cost of 129%.
Knight Frank and JLL handled the letting for IPUT plc; AIB plc was advised by Cushman & Wakefield.