IPUT has completed a €160 million property transaction involving the exchange of several high profile office buildings in Dublin City Centre.
As part of the deal, IPUT has acquired Deloitte House, 29 Earlsfort Terrace, Dublin 2. In return the Fund has disposed of assets at 6 Georges Dock, IFSC, Dublin 1 and 40 Molesworth Street, Dublin 2.
Deloitte House is a landmark office building situated on the corner of Earlsfort Terrace and Hatch Street and is occupied by Deloitte on a long-term lease. It combines a strong income profile with redevelopment potential and is situated in Dublin’s central business district where the Fund continues to be particularly active. Following the completion of a number of highly successful development projects, this acquisition is consistent with IPUT’s added value investment strategy.
40 Molesworth Street was redeveloped by IPUT in 2017 to provide a striking Grade A office building, with a ground floor retail unit on the corner of Molesworth Street and Dawson Street. The building is predominantly occupied by Jet.com, which is owned by the Walmart Group, and Specsavers.
6 Georges Dock, IFSC was acquired by IPUT in 2013 and is multi-let to tenants including Hedgeserv, Corvil and Airbus.
IPUT plc is pleased to announce plans to invest in Styne House, a Grade A office building situated on Hatch Street, Dublin 2, including the addition of a new street level café and enhanced amenities for occupiers.
IPUT intends to enlarge the existing reception area of Styne House and lower the ground floor entrance which will allow for the development of an 800 sq. ft. café at street level. This new café will provide a vibrant and attractive space for the occupiers of Styne House and members of the public while enhancing the public realm
This investment is part of the Fund’s rolling refurbishment programme and will substantially enhance occupier amenities including new shower, locker, drying rooms and toilet facilities and increase the number of bicycle parking spaces to 100.
As part of a longer-term asset management strategy for Styne House, IPUT has received approval to construct an additional penthouse level comprising 8,000 sq.ft. of office space at 6th floor.
Designed by RKD Architects, it is anticipated that this phased development will see completion of a new building reception, café and basement facilities upgrade by mid-2019.
Kevin Sweeney of Savills has been appointed to source an occupier for the café space on behalf of IPUT.
IPUT plc is pleased to announce that it is the largest adopter of WiredScore’s ‘Wired Certification’ in Ireland with 15 of IPUT’s office buildings certified to date.
Wired Certification acts as a trusted benchmark for buildings, giving greater transparency to tenants on the digital connectivity of commercial buildings. It assesses a number of factors that determine quality of connectivity, including, ease of access to internet providers, availability of Wi-Fi in the building, and how secure and resilient the digital infrastructure of a building is.
WiredScore offers four levels of building rating for qualifying buildings including: Certified, Silver, Gold, and the highest possible rating of Platinum.
Highlights of IPUT’s Wired Certification achievements are:
Niall Gaffney, Chief Executive, IPUT plc commented: “We are delighted to be the largest adopter of WiredScore’s independent connectivity ratings in Ireland, which further highlights the first-class levels of digital connectivity that IPUT is committed to across its portfolio. As Dublin’s commercial office specialist, we understand the importance of connectivity for our tenants and Wired Certification aligns with our commitment of actively managing our assets to ensure we continue to meet, and exceed, the requirements of our occupiers.”
WiredScore launched Wired Certification in 2013 in partnership with Mayor Bloomberg and the City of New York. Wired Certification champions cutting-edge technology in commercial real estate by providing the definitive certification for rating the digital connectivity of commercial buildings. To date, in excess of 400 million square feet of commercial real estate in more than 1,400 buildings has been Wired Certified globally. International demand for the digital connectivity rating system has seen the company expand operations to the United Kingdom, Ireland, France, Germany, and Canada.