Saturday 23 September 2017

Comreg's shiny new digs at One Dockland Central

Michael Cogley

Michael Cogley

Communications regulator Comreg has signed a 20-year lease for the last remaining space at One Dockland Central in Dublin's IFSC.

Comreg will occupy the ground and second floors of the building, taking up a 30,200 sq ft space. The lease comes bundled with a tenant-only break option after 11 years.

Hibernia REIT is letting the building and will charge Comreg initial rent of €1.6m per year - an average of €50 per sq ft.

The newly refurbished building will generate a total passing rent of €3.7m per annum.

Hibernia chief operations officer Frank O'Neill welcomed the regulator to the 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," he said.

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