One of Dublin’s most eye-catching buildings has sold for €242m in what is being described as one of the most high-profile office investment sales to occur here.
Joint receivers Luke Charleton and David Hughes confirmed the sale of One Spencer Dock to AGC Equity Partners Ltd. The 21,000sq m office block was sold by joint selling agents Savills and CBRE on behalf of the receivers and Davy Real Estate.
One Spencer Dock, which was developed by Treasury Holdings in 2007 and was designed by Scott Tallon Walker architects, is fully occupied by professional services firm PwC. It has made it its Irish headquarters and employs 1,800 people there.
PwC signed a 25-year lease from April 2007 which expires in April 2032. The total rent is €11,779,241 per annum.
Luke Charleton of EY, who were appointed as receivers to the Nama-secured property, said: “We are very pleased to announce the sale of One Spencer Dock following significant interest from domestic and international investors, which is a testament to the potential and value of a major development such as this.
“This is a successful outcome which reaffirms the international investor interest in Dublin.”
The statement announcing the sale said Spencer Dock and the wider docklands area is gearing up for the next phase of development which will see new office, retail, and residential developments “transforming the skyline”.
“This will, in part, come from the future development of the remaining Spencer Dock site, the Project Wave site, City Quay and the Exo Building adjacent the 3 Arena,” it said.
“This future development will further strengthen the area as a destination for top class occupiers and provide a mix of uses to create an energetic city district.”
Fergus O’Farrell of Savills said the sale of One Spencer Dock marked a significant milestone for the Irish market, adding it reflected “investor confidence in the office market, supp- orted by continued strong occupier demand in the city centre, leading to further rental growth”.
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