IPUT plc is pleased to announce that luxury retail brand, The White Company, have leased 800 sq m (8,527 sq ft) of high quality retail space over three floors at Seventy-Two Grafton Street, Dublin 2 on a long-term lease.
Seventy-Two Grafton Street was acquired by IPUT in 2014 for € 12.5 million and the building was thoughtfully restored and reconfigured to highlight the stunning curved-vaulted ceiling at first-floor level while restoration works have been carried out on the external façade to protect the rich heritage of the building.
IPUT’s Head of Investment, Michael Clarke, said: “Seventy-Two Grafton Street has been extensively refurbished and redesigned, at a cost of €2m, to meet the demands of leading international retailers. This project is part of our strategy to regenerate our portfolio and create value for investors. The repositioned asset will generate an income yield on cost of c. 5.5% and a profit on cost of 30%.”
IPUT plc announces there has been further letting success at “The Exchange”, in the IFSC (Irish Financial Services Centre), Dublin 1. Leading international Law Firm, Walkers Global, has signed a long-term lease at a rent of €50 psf for the entire 5th floor (19,000 sq ft).
Walker’s Global are an international law firm with offices in several financial services hubs around the world including; Dublin, Singapore and Hong Kong. They will join existing tenants The Food Safety Authority of Ireland and Ronan Daly Jermyn Solicitors who have recently taken occupation within the building.
The Exchange, which completed in October 2017, is the first new build office in the IFSC since 2003. The project has been forward funded by IPUT and benefits from a 2-year rental underwrite from the developer from completion.
Commenting on behalf of IPUT plc Head of Investment Michael Clarke said: “We are very pleased to include another top tier Law Firm as an occupier within the IPUT portfolio and with the benefit of a two year rental underwrite from the developer in place, the focus of our leasing team will continue to be to secure high quality tenants on long term leases”.
IPUT plc, Ireland’s largest unlisted property fund, has completed the acquisition of a modern high-quality logistics facility at Northwest Business Park, Dublin 15 for €12.3m. Unit 103 Northwest Business Park is located midway between the M2 and M3 motorway in Northwest Dublin, providing easy access to the M50 motorway, Dublin Airport and Dublin Port.
The self-contained detached logistics facility extends to 12,500 sq m (135,025 sq. ft.) and sits on a site of 2.6 hectares (6.45 acres). The unit benefits from an internal height of 12 metres, 21 dock levellers and cross docking capability making it ideal for tenants in the FMCG sector. The building was acquired with vacant possession and IPUT will commence a significant refurbishment of the existing facility with a target completion date of Q2 2018.
Commenting on the acquisition, Michael Clarke, Head of Investment, said; “The Fund has selectively increased its exposure to the Dublin logistics sector over recent years and now owns over 2 million sq ft of prime logistics space in strategic locations across Dublin”.
Gavin Butler of Savills advised IPUT in relation to this acquisition. JP McDonagh of Knight Frank acted on behalf of the counterparty.