New tenants will mean full house at Central Park

Green REIT has moved swiftly to find tenants for the last available vacant office space at Central Park in Leopardstown, Dublin 18, completing contracts this week to let 5,137sq m (55,300sq ft) to two high-profile companies.

The early success of the letting campaign will provide a further boost to the park, where development work is under way on a further office building, Block H, which will have 13,656sq m (147,000sq ft) of lettable space when completed in December 2016.

Green and joint venture partner Kennedy Wilson bought Central Park for €310 million, with Green taking possession of the offices and Kennedy Wilson assuming ownership of the apartments.

Green stands to earn €1.527 million per annum from the lettings to Sage Hibernia (Services) Ltd and MasterCard Ireland. Sage has taken a 20-year lease of 4,199sq m (45,200sq ft) on the ground and first floors of Block G with a 14-month rent-free period.

The tenant will have a break option after seven years. The letting is the largest in the south suburbs this year.

Jim O’Reilly of Knight Frank, who acted for the landlords, said the letting was “another fantastic result for Central Park which has consistently attracted quality companies”.

Paul Finucane of Colliers, who advised Sage, said that apart from being a high quality workplace, Central Park offered good transport and other amenities, ensuring an exceptional working environment for Sage staff.

MasterCard Ireland, already a sub-tenant in the Vodafone building, has taken a three- year lease of 929sq m (10,000sq ft) at penthouse level. The rent in both cases is €269 per sq m (€25 per sq ft).

Ann Louise Hannon of CBRE,who acted for the landlord, said the MasterCard transaction was testament to the quality of Central Park as "MasterCard had chosen to expand and grow within the development". Fionnuala O'Buachalla of JLL advised MasterCard.

The two lettings follow the announcement that Hostelworld owner Web Reservations International had leased 2,357sq m (25,370sq ft) on the second floor of Block G at a rent of €255 per sq m (€23.68 per sq ft)

Ronan Webster, asset management director of Green Property REIT, said that since acquiring the business park in March 2014, it had secured office lettings for 8,286sq m (89,000sq ft) of space.