State Street buys Canadian Embassy building for €40m
The building that houses the Canadian Embassy in Dublin has been sold in a deal worth as much as €40m.
A division of the US bank State Street is understood to have bought the office block at 7 and 8 Wilton Terrace in Dublin 2 in an off-market deal from developer G&T Crampton. Crampton had developed the building originally. Savills acted for State Street, while JLL represented G&T Crampton.
The property is a 4,700 sq m modern office block overlooking the Grand Canal. It sits between Baggot Street and Leeson Street in the middle of the prime Dublin office zone.
The office block itself has several tenants, including the Canadian Embassy and law firm Phillip Lee Solicitors.
The block was designed by architects Burke-Kennedy Doyle.
Meanwhile IRES Reit has started building 68 apartments at the Beacon South Quarter in south Dublin.
In a statement, IRES said it had hired Walls Construction as contractor for the project at Block B2B at the development.
This is the first phase of a construction plan that is expected to see IRES build as many as 650 apartments across its portfolio, mostly in Sandyford. The Canadian company, which is listed in Dublin, owns more than 2,000 apartments in Ireland.
IRES said it expected the yield - a measure of profitability on its investment - on the 68 apartments to be between 8.5pc and 9pc. Company CEO David Eirlich said it had delayed the Rockbrook development until planning regulations were announced, but now is preparing to submit a planning application for 470 apartments at that site.
IRES Reit will publish its full-year results today.