Ardstone and Hardwicke have sold Velasco, their signature office development currently under construction, to Irish Life for €58m.
Velasco is a modern office building currently under construction. When completed in the early half of 2017, Velasco will comprise an eight storey Grade A specification building with 13 car parking spaces at basement and podium levels. The building will extend to approximately 4,738m² with the floor plates being an ideal size and layout for occupiers ranging from 475m² to 725m².
Martin OReilly Head of Property at Irish Life said: “After many years of no new development stock being constructed, the first schemes are now coming out of the ground and changing the landscape of Dublin’s skyline.”
Irish Life has been very active in the Irish market over the last three years having acquired €800m of direct property.
Johnny Horgan, Executive Director, Capital Markets, CBRE who advised Irish Life on its acquisition of Velasco commented: “The office investment market remains attractive to core Irish and European investors due to the dynamics in the market at present. Prime yields are stable at 4.65% and rental growth has been a feature of the market with prime headline office rents now in the region of €645 per m², supported by continued occupational demand. The pipeline of Grade A’ office accommodation is positive and the ability to deliver excellent accommodation, such as Velasco, is an attractive proposition for any investor.”
Ardstone and Hardwicke was advised by JLL.
