| 12.4°C Dublin

Green REIT to spend €27m in Central Park

Close

The cost for a night in a hotel in Dublin is more than for one in Rome.

The cost for a night in a hotel in Dublin is more than for one in Rome.

The cost for a night in a hotel in Dublin is more than for one in Rome.

Dublin-based property investment company Green REIT is to spend almost €27m developing a Dublin office building over the next year and a half.

Construction of the new office block, block H, in the Central Park business centre in south Dublin started on April 27 and is expected to be completed in December 2016.

Block H is an office building of 147,000 square feet (13,700 square metres), over eight floors, and with a triple level basement.

The estimated total development cost to The Central Park Limited Partnership, the joint venture in which Green REIT has a 50pc interest, is €53m, which includes an apportioned site cost.

Green REIT will fund its 50pc share of the development costs through its revolving credit facility with Barclays Bank Ireland.

According to an interim management statement issued by the firm, Green REIT has secured new lettings of €1.12m since the start of the year.

The company now has €55m in contracted annual rent. It also has lettings worth a further €700,000 currently under negotiation. The largest letting this year went to online travel company Web Reservations.

Irish Independent