Practical Completion of One Windmall Lane Expected by August - Construction Network Ireland - Construction Network Ireland

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Published in Commercial Property on 25/07/2017

Practical Completion of One Windmall Lane Expected by August

#1WML #HiberniaReit

CNI Editor reports

Real estate investment trust Hibernia REIT has said that its One Windmill Lane site is close to practical completion, which is expected in August.

Some 29 per cent of the building was pre-let to Informatica in March and the company says discussions are on-going with a number of parties regarding additional potential lettings.

Office and leasing activity in the three months to the end of June was “exceptionally high” at over 1 million sq ft, thereby reducing Dublin office vacancy rates to 6.5 per cent.

According to a trading update sent by the company in advance of its AGM, the vacancy rate in its office portfolio is below 3 per cent, “and discussions are on-going with various parties regarding the majority of remaining vacant space in the portfolio.”

Another of the company’s developments, Two Dockland Central, is said to be on track for its expected delivery date in late 2017 and the building is now roughly 75 per cent let.

By the end of June the Irish Stock Exchange listed company had net debt of €167 million and cash and undrawn facilities of €277 million.

Commenting on the update, Kevin Nowlan, chief executive of Hibernia, said: “The quarter ended June 2017 saw a large amount of office leasing activity in Dublin…and we are seeing good levels of tenant interest for the available space within our portfolio.

“With an exciting pipeline of developments, a well-capitalised balance sheet and a talented team we remain optimistic for the future.”

In a note to clients, analysts at Investec said: “Hibernia continues to make impressive progress on the delivery of its development pipeline and the market backdrop continues to remain very supportive.”

REF: Irish Times