IPUT plc is pleased to announce that it has secured planning permission to redevelop and restore 30 - 32 Sir John Rogerson’s Quay, Dublin 2 which is one of the last remaining original warehouse buildings on Dublin’s quays.
This historic building, which was originally used for the importation of tropical fruit into Ireland, sits on the waterfront facing the landmark Samuel Beckett bridge. Designed by Henry J Lyons Architects this cutting-edge scheme will deliver over 70,000 sq. ft. of unique river front offices and will include a new 6 storey office block at the rear overlooking an existing public square.
The original warehouse building will be sensitively restored and the design incorporates the addition of two floating, fully glazed office floors which will cantilever over the protected structure providing panoramic views over the River Liffey.
In keeping with IPUT’s development strategy, the building has been designed to meet the highest sustainability credentials and will also incorporate a significant investment in the public realm, creating a vibrant pedestrian connection to Whitaker Square from the River Liffey activated by a café and an artist studio at street level. The overall scheme will be developed as the Tropical Fruit Warehouse in recognition of its unique history. Construction is due to commence in Q3 2018 for delivery to the market in Q4 2020.
IPUT Chief Executive, Niall Gaffney, said:
“The Tropical Fruit Warehouse will be an exceptional building, a cutting-edge, efficient modern office space which also incorporates a thoughtful restoration of the historic warehouse buildings. This redevelopment will complement our existing office holdings in the immediate vicinity which extend to over 600,000 sq. ft. and is part of our long-term strategy to provide buildings that are recognised for the highest standards in design, functionality and sustainability credentials. We are excited about the unique letting opportunity that the Tropical Fruit Warehouse represents which will further support the anticipated 20% growth in our dividends over the next 3-5 years.”
Joint letting agents for the Tropical Fruit Warehouse are Andrew Cunningham of Savills and Aisling Tannam of Cushman & Wakefield.
IPUT plc, Ireland’s premier property fund (the ‘Fund’), hosts its AGM today at 12.00 noon in the Shelbourne Hotel, 27 St Stephen’s Green, Dublin 2.
Mr. John Mulcahy, Chairman of IPUT plc, noted in his annual statement:
“2017 was a landmark year for IPUT as the Fund reached 50 years in operation, making it one of the most enduring property funds in Europe. IPUT has delivered consistent income returns to shareholders over the past 50 years and this continued in 2017 when we generated a dividend yield of 4%.
I am confident that IPUT’s business model and strategy of focusing on investing in Irish commercial property, with a particular focus on prime large-scale Dublin assets, will continue to generate consistent investment returns for our shareholders. Our current portfolio of high quality assets, rented to high quality tenants, is well positioned to deliver this principal objective.”
Mr Niall Gaffney, Chief Executive of IPUT plc, noted in his annual review:
“Our strategy of regenerating portfolio income continues to drive the performance of the Fund. Having de-risked the current development pipeline we have further regeneration opportunities across our estate, in particular within the Dublin city centre office market. These initiatives will potentially grow shareholder dividends by approximately 20% over the next five years.”
For more information and to download a copy of the IPUT 2017 Annual Report, please visit iput.com
To accommodate our continued growth, we have moved to our newly developed offices at 47-49 St Stephen’s Green. By investing in our own Estate, our new office allows us the opportunity to create a unique working environment that promotes the wellbeing of our people.
Wellness & Sustainability
IPUT’s investment in the built environment and its impact on human health and well-being is reflected in the careful design of our new office. Our new space is on track to achieve WELL Gold certification, which is based on seven categories of building performance; air, water, nourishment, light, fitness, comfort and mind. WELL certification is only in its infancy in Europe with less than 10 projects achieving certification to date. The new office has also achieved an A3 energy rating placing it in the top 1% of commercial buildings in Ireland. This rating is reflective of our focus on the energy efficiency of our buildings throughout our portfolio.
The new space has been designed with collaboration and comfort in mind. Flexible working spaces have been designed to encourage interaction across various project teams with sit-stand desks, stand up meeting spaces, interactive touch screens and access to roof gardens while new meetings rooms, casual meeting spaces allow the team to have an array of facilities when working.
Looking to the future, we have heavily invested in our IT & AV systems. Wireless casting and touch screens have been installed to encourage collaboration and activity in meetings, while Microsoft Surfaces have been issued allowing the team to easily work from different spaces with seamless integration with new AV systems.
Enriching our Buildings
The relationship between artwork and architecture gives our buildings life and personality. Our goal as owners and developers of over 5 million sq.ft. of commercial real estate in Dublin, is to create spaces that people enjoy. The quality of finishes and level of detailing within the office represents IPUT’s commitment to innovative and considered design.
“The move to St Stephen’s Green reflects both the ambition and personality of our business. We are authentic about promoting quality design across our Estate and in doing so, we recognise that thoughtful design will serve to improve the wellbeing of people.” Niall Gaffney, IPUT Chief Executive.