Sunday 20 August 2017

AIB takes out 20 year lease on Sandyford office space

AIB have signed a 20 year lease on the building
AIB have signed a 20 year lease on the building

Ellie Donnelly

AIB has signed a 20 year lease on a new office building in Sandyford's Central Park with Green REIT.

The letting comprises 14,701 sq m of lettable space, with a tenant break option at the end of year 12.

The annual rent payable by AIB to Green REIT is €4.8m with the bank entitled to a 12 month rent free period under the terms of the agreement. 

“We are delighted to welcome AIB to Central Park. Securing a tenant of this calibre confirms Central Park’s status as Dublin’s premier office park.

Read more: Noonan set to fire starter on €3bn AIB sale

It also highlights the value proposition for tenants in Central Park, which has city centre quality offices, but at rents of less than 50pc of those in the city centre," Paul Culhane, development director of Green Property REIT Ventures said.

The remaining land at Central Park will provide additional optionality to Green REIT for further development, and planning consents are in place for a further 37,160 sq m of office space, which includes Block I, comprising 9,020 sq m and which is fully designed.

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