Hibernia REIT plc (“Hibernia”) announces that it has let the remaining 2,805m² (30,200ft²) of available space in One Dockland Central, in Dublin’s North Docks, to the Commission for Communications Regulation (“ComReg”), the state entity responsible for the regulation of the electronic communications and postal sectors in Ireland.
ComReg, which will join HubSpot and Bank of New York Mellon as a tenant in the building, will occupy the ground and second floors on a 20 year lease, with a tenant-only break option after 11 years. It will pay initial rent of €1.6m per annum, an average of €540 per m² (€50 per ft²) for the office accommodation.
Works to refurbish four floors 5,360m² (57,700 ft²) and all common areas of One Dockland Central (formerly Commerzbank House) to Grade A standard were completed in May 2016. The building now has a weighted average unexpired lease term of 17 years and following expiry of the rent free periods in November 2016 will generate a passing rent of €3.7m per annum, representing a yield on cost of 6.9%.
Frank O’Neill, Chief Operations Officer of Hibernia, said: “We are delighted to welcome ComReg to One Dockland Central and to complete the letting of the newly refurbished building. The rents achieved in this letting are significantly above the levels we underwrote at acquisition in July 2014 and demonstrate the value of our asset improvement strategy. We are undertaking similar refurbishment works in the adjoining building, Two Dockland Central, which are expected to complete in Q3 2017."
