Monday, 18 May 2015
Kennedy Wilson pre-lets 12,012 m² Baggot Plaza Redevelopment to the Bank of Ireland (IE)
Kennedy Wilson Europe Real Estate Plc an LSE listed property company that invests in direct real estate and real estate loans in Europe, announces that it has signed an agreement to lease its entire 27-33 Baggot Street, Dublin 4 office redevelopment to the Governor and Company of the Bank of Ireland.
KWE recently received final planning permission for an additional 3,502 m² at the property as part of a complete redevelopment of the existing 8,510 m² 1970s structure, taking the total redeveloped area to 12,012 m². The redevelopment comprises three blocks: Block A (6,029 m²) which fronts on to Fleming Place, Block B (3,976 m²) which interconnects Block A and B and facilitates access to both Baggot Street and Fleming Place, as well as Block C (2,007 m²) which fronts on to Baggot Street.
Bank of Ireland will enter into a new 25-year lease (tenant break option at year 20), for the entire building, at a headline rent of €47.50 psf. For the first five years of the lease KWE will sub-let the office space in Block C at an equivalent rent.
John Sisk & Sons is the main contractor and is already on site. The development will employ up to 450 staff over the course of the construction with practical completion expected by the end of the second quarter 2016.
Mary Ricks, President and CEO of Kennedy Wilson Europe, commented: “This sizeable letting agreement reaffirms our strong position in the Dublin market, as an investor, developer and asset manager. We expect Baggot Plaza to set a benchmark for the redevelopment of office stock in Dublin, delivering modern accommodation within the extended frame of the current structure.”
Source: FTI Consulting