Hibernia to buy Garda HQ for €70m

The garda headquarters building on Harcourt Street is to be acquired by Hibernia REIT in a €70m off-market purchase.

Hibernia, a property investment company, will buy the 1.9 acre site on Harcourt Square, Dublin 2. It is currently owned by Gangkhar PLC and let to the Office of Public Works for the use of the gardaí at a rate of €4.9 million a year - about €38 per square foot excluding parking.

The total price of €70m is roughly €540 per square foot of office space, though the property also has 158 parking spaces, and is located at the Harcourt Luas stop.

The OPW lease for one block of office space expired in 2014, with another due to expire in 2016. The OPW is seeking renewal of the expired lease.

Kevin Nowlan, the investment manager, said they were "delighted" with the acquisition.

"We expect to submit a planning application shortly and look forward to working closely with Dublin City Council to deliver attractive new Grade A office space in the city centre in future," he said.

The acquisition is Hibernia's 14th since it became listed company.

— Dave Molloy