The Reflector, one of Dublin’s most iconic new office buildings, has been placed on the market with a guide price of €155m. The sale is being handled by Savills Ireland and CBRE on behalf of Park Developments. The landmark office development – which was completed in 2018 – is prominently situated in Dublin’s Grand Canal Dock area, with the water frontage spanning almost 75 meters on Hanover Quay. The building has attracted quality tenants such as Airbnb, Wix and LogMeIn, and will produce an annual rent of approximately €7m and WAULT of 12 years.
The six-storey over basement building comprises 11,250m² NIA of office space and 329m² of retail space, with 34 car parking spaces. The building is split into two wings (East & West) with individual receptions and centralised cores offering maximum flexibility. It is finished to the highest standards with superb levels of natural light and generous floor to ceiling heights of 2.75m on standard floors and 4m on the ground floor. The development will achieve a LEED Gold V4 accreditation and A3 BER.
The Reflector benefits from a host of well-established amenities with numerous cafes on the doorstep, event centres such as The Bord Gais Theatre and The 3 Arena, within walking distance are a number of local hotels including The Marker, The Spencer and The Clayton. The area is well serviced by Dublin’s expansive public transport network with both Luas and DART services within a 10 minutes’ walk, Dublin Bike stations on the doorstep and multiple bus routes in the locality. The area has excellent road infrastructure with the Samuel Beckett Bridge providing speedy access to the North Docks, IFSC and to Dublin Airport. A new public transport bridge is also planned connecting Grand Canal Dock with Ringsend (included in DCC Capital Programme).
Fergus O’Farrell, Director, Savills Investment, Ireland commented: “The Reflector is one of the most high-profile office developments in Ireland, with its unique waterfront setting, striking profile, best in class finishes along with a quality tenant line-up and a WAULT of approximately 12 years, it will attract interest from a host of global investors”.
Johnny Horgan, Executive Director, Head of Investment Properties, Ireland commented: “The office sector remains the primary sectoral focus for most European and International Investors. This year, we anticipate that investors shall be focused on core and core plus investment opportunities. With the weight of capital seeking opportunities in the office sector, with strong occupier market, coupled with the quality of this asset, The Reflector shall be one of the standout asset sales of 2019”.
