Thursday 19 July 2018

Hibernia's One Windmill lane secures another tenant

Windmill Lane
Windmill Lane
Ellie Donnelly

Ellie Donnelly

One Windmill Lane, one of a number of major Dublin office schemes that Hibernia Reit is involved in, has secured another letting.

It is understood that the tenant is US tech firm Autodesk, which last month announced plans to hire 200 staff in Ireland.

Two leases have been taken out as part of the agreement, with an average unexpired term of 20 years, and an average certain term of 11.5 years.

The company will pay an initial rent of €2.8m per year, a statement from Hibernia Reit said.

In total, 48,500 sq. ft has been let to the company, with the new tenant occupying the first and second floors of the building.

According to Colm Lauder, analyst with Goodbody, the agreement is a "good letting" for Hibernia and "further proof of its development model and objectives."

"Crucially, it now effectively fully de-risks Windmill Lane and may give Hibernia the drive to move on to its next scheme," Mr Lauder said.

Commenting on the announcement, Mark Pollard, Hibernia's Director of Development, said he was "delighted" to welcome another tenant to the building.

The lease for the second floor will commence in July 2018 and the lease for the first floor will commence in March 2019.

The building, which features 124,000 sq. ft. of offices, 8,000 sq. ft. of retail and 14 residential units, is one of five adjacent properties owned by Hibernia that comprise the Windmill Quarter in Dublin's South Docks.

Today’s announcement means that over 96pc of One Windmill Lane’s commercial space has now been leased - tenants include Core Media, Informatica and Pinsent Masons - while the building’s residential accommodation space has been 100pc let, with rent of €7.5m per year for the property and an average unexpired lease term of 11.5 years for the commercial space.

In other news, Depfa Bank has served notice of its intention to terminate its leasehold interests in the Forum, in Dublin's North Docks, in March 2019. Hibernia said today that it is considering options for the building.

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