IPUT has pre-let Unit 103 Northwest Business Park, Dublin 15 comprising 12,494 sq m (135,000 sq ft) of high quality distribution space to Sonas Bathrooms. Sonas Bathrooms have signed a long-term lease on the building and will take occupation later this month following the completion of a substantial refurbishment of the building by IPUT.
Unit 103 Northwest Business Park, was acquired with vacant possession by IPUT in January 2018 for € 12.15m and a programme of works commenced in February. The 135,000 sq ft modern facility is situated on a secure 6.45 acre self-contained site and is strategically located close to Dublin Airport with excellent links to the motorway network including the M2, M3 and M50 motorway. The building has been modernised to the highest standards and provides a clear internal height of 12m, 21 dock levellers, 3 level access doors and generous yard depths of up to 60m which are particularly attractive to logistics operators.
Michael Clarke, Head of Investment at IPUT plc said: “This acquisition and subsequent pre-letting demonstrates the ability of our team to identify assets which have the potential to generate enhanced returns for our investors. We have successfully repositioned the asset which is secured under a long-term lease delivering an attractive income return on cost of 7.3% and generating a profit on cost in excess of 20%.”
Philip Harvey of William Harvey & Company and Gavin Butler of Savills advised IPUT plc on this transaction. JP McDonagh of Knight Frank acted on behalf of the tenant.
IPUT’s performance in the 2018 GRESB Real Estate Assessment underlines our continuing leadership in Sustainability and responsible Property Management in Ireland.
IPUT has realised its ambition of attaining a 3-star Green Star rating in the 2018 GRESB Real Estate Assessment, in only our 3rd year of participation. Our 2018 score of 67 is a marked improvement on 2017 and was one of the key objectives stated in our 2017 Sustainability Report which is available here.
GRESB (Global Real Estate Sustainability Benchmark) is the global standard for ESG benchmarking and reporting for the real estate sector, which this year included a record 903 property companies, REITs, funds, and developers, jointly representing more than $3.6 trillion in assets under management.
The GRESB assessment evaluates a fund’s performance against seven sustainability factors including the measuring and disclosure of information on performance indicators (such as energy, GHG emissions, water and waste) at an asset level, management policies and practices at a corporate level together with occupier, supplier and investor engagement.
IPUT Chief Executive, Niall Gaffney, commented; “We were the first Irish real estate fund to participate in GRESB and the achievement of a 3-star Green Star Rating was a stated target for 2018. IPUT is leading the way in sustainable real estate investing in Ireland and our 2018 GRESB score of 67 positions us alongside our peer group at a global level in terms of ESG performance.”
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.