Wyckham Point apartment block now fully occupied
Hibernia Reit has said it has let all the apartments at its Wyckham Point development in Dundrum in Dublin.
In a statement, Hibernia said it had found tenants for all 213 apartments at Block 3, producing gross annual rent of €4.4m and net annual rent of €3.7m in line with expectations.
Hibernia acquired Block 3, Wyckham Point in a partially completed state in February 2014 as part of the Dorville loan portfolio and has undertaken a phased fit-out of all 213 units which finished in late July 2015.
Hibernia chief executive Kevin Nowlan commented: "We are very pleased to have successfully completed letting Block 3, Wyckham Point. The fit-out was finished ahead of schedule and on budget, and we expect the net yield on cost to exceed 6pc.
"This is an excellent example of the type of value-add projects we specialise in and we are making good progress on the rest of our development pipeline."
Wyckham Point was the first asset to be bought by Hibernia back in 2014. The loans tied to the asset was bought in an off-market transaction from Ulster Bank, and was the first portfolio sale by the RBS-owned bank which until now relied on individual sales and receiverships to work through its overhand of boom-era property loans.
The portfolio of loans behind the loans bought by Hibernia include 280 Dublin apartments in blocks at Wyckham Point in Dundrum, on Herbert Road in Ballsbridge and in Phibsboro, Clanbrassil Street, and Dun Laoghaire. It included around 30,000 square feet of commercial property and development sites in south Co Dublin and Kildare.