Hibernia Reit buys two Lime St properties for €4.6m
Hibernia Reit plc said today that it has bought two properties in the South Docks area of Dublin for a total of €4.6m.
Both are located on Lime Street, in Block 11 of the area designated by Dublin City Council as a strategic development zone (SDZ).
The purchase has completed on 8/9 Hanover Street East, a part two-storey, part four-storey office building of around 12,700 sq ft with a current passing rent of €110,000 a year annum: 3,900 sq ft of the property is currently vacant. The property is on the corner of Lime Street and Hanover Street East on around 0.10 acres.
Contracts have exchanged on 11 Lime Street, a refurbished three bedroom, four-storey house on 0.05 acres.
Hibernia said that following completion of these transactions, it will have invested €523m, with a further €43m committed.
Kevin Nowlan, chief executive officer of Hibernia’s investment manager, WK Nowlan Reit Management Ltd, said the properties are located close to the company’s quadrant of assets at Windmill Lane and position it well to participate in the regeneration of the area.
