Hibernia acquires two properties in Dublin's south docks

Property investment company Hibernia Reit has acquired two properties in Dublin’s south docks for €4.5m, bringing its total investment up to €523m.

The properties are located on Lime Street, in Block 11 of the area designated by Dublin City Council as a Strategic Development Zone (SDZ).

The first, 8/9 Hanover Street East, the purchase of which has completed, is a part two, part four storey office building of approximately 12,700 sq. ft. with a current passing rent of € 110,000 per annum: 3,900 sq. ft. of the 12,700 sq. ft. is currently vacant. The property is situated on the corner of Lime Street and Hanover Street East on c. 0.10 acres.

The other property, 11 Lime Street, on which contracts have been exchanged, is a refurbished three bedroom, four storey house which sits on 0.05 acres.

Following completion of these transactions, Hibernia will have invested €523m, with a further € 43m committed.

Kevin Nowlan, chief executive officer, WK Nowlan REIT Management Limited, the reit's investment manager, said that the acquisiton of the properties, one of which was executed off market, are close to the reit's quadrant of assets at Windmill Lane and will position Hibernia well "to participate in the regeneration of the area".

In March Hibernia said it had exchanged contracts to acquire Cumberland House, near Fenian Street in Dublin 2, from Morretino for € 49 million.