Hibernia REIT plc (Hibernia) announces that it has entered a contract with JJ Rhatigan & Company (JJR) for the fit-out and completion of Hibernia’s 213 partially-completed apartments in Block 3, Wyckham Point, Dundrum, Dublin 16. JJR is one of the leading building contractors in Ireland, with a specialism in the completion of new and part-built residential multi-unit developments.
JJR will commence on site immediately with a construction team growing to approximately 160 people working on the project. It is expected that the first apartments will be available to let by mid-2015 and that the project will be fully completed by the end of 2015. The total cost to complete the apartments is expected to be less than €25 million.
Kevin Nowlan, Chief Executive Officer of WK Nowlan REIT Management Limited, the Investment Manager, said: "We are delighted to have signed contracts with a contractor of the calibre of JJ Rhatigan & Company for the completion of Block 3, Wyckham Point. When finished, these apartments will offer some of the best multi-family accommodation in Ireland and we will be bringing these units to the market at a time when residential accommodation in Dublin is in short supply.” Padraic Rhatigan, Managing Director of JJ Rhatigan & Company, commented:
“We are delighted to have been awarded this prestigious contract. We look forward to working with Hibernia to complete Block 3 in keeping with the high standards already set in the first phase of Wyckham Point. We are also pleased to be starting a project that will involve a team of 160 skilled construction workers, a clear sign that the sector is recovering.