A fund managed by BNP Paribas Real Estate Investment Managers is currently marketing one of its flagship Dublin properties, 8 Hanover Quay, to a number of established European and domestic investors with a price tag of €41.5m. The building has been the EMEA HQ to Airbnb since 2016 and is renowned due to its unique warehouse style and impressive tenant fit-out.
The property comprises 3,747m² of Grade A office accommodation. The original warehouse was the former Raleigh bicycle factory and was subsequently redeveloped by Targeted Investment Opportunities (TIO), a Joint Venture involving NAMA, Oaktree and Bennett Construction. Practical Completion was achieved in 2016 and the building benefits from a full-height central atrium featuring a uniquely impressive natural auditorium making it one of the most photographed office interiors in Dublin.
The building is 100% let to Airbnb Ireland Limited under a FRI lease with a full parent company guarantee in place from Airbnb Inc. With the next Break Option not until March 2030 the property benefits from an attractive WAULB of 8.50 years to break in 2030, and a WAULT of 14.50 years with the expiry in 2036.
With the current passing rent of €1.7m (€454 per m²), it is a highly reversionary investment proposition with the next rent review (open market) taking place in March 2026. Additionally, the building benefits from strong “ESG” credentials with BREEAM accreditation and BER Certificate of Very Good. Furthermore, there is no on-site car parking so the use of cycling and public transport by staff further embellishes its green credentials coupled with the repurposing of the former warehouse.
Savills and BNP Paribas Real Estate are jointly handling the sale.
