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windmill lane

€17.75 million for Dublin docklands site adjoining old U2 studio

It’s the 11th high-profile purchase by property investors Hibernia REIT.

[Hibernia REIT]

PROPERTY INVESTMENT FIRM Hibernia REIT has paid €17.75 million for a 0.75 acre site at John Rogerson’s Quay in Dublin’s docklands.

The freehold site, which fronts onto the Liffey, has existing planning permission for 102,000 square feet of offices, 5,000 square feet of retail space, three residential units and 34 car parking spaces.

The acquisition is Hibernia’s eleventh since listing on the Irish Stock Exchange in December of last year.

The deal gives the investor full control of a riverside quadrant in the South Docks: the site backs on to Hibernia’s Windmill Lane site (once home of the famed ‘U2 Studio’), while the Observatory Building also adjoins.

It’s Hibernia’s eleventh high-profile acquisition, and its second in recent days — it also paid €37.8 million for The Forum building in the IFSC.

Today’s announcement brings their total spend on Dublin property to €393 million.

An aerial photo from a 2012 brochure advertising The Forum [Source: Knight Frank]

Hibernia, an Irish Real Estate Investment Trust (REIT)  is concentrating on snapping up assets in the city centre.

It’s understood the firm it keen to take advantage of any opportunities presented by Nama’s planned development of the docklands area.

The trust has also bought up another three office blocks in the IFSC and two more on the south side of the river.

“We have now assembled a full riverside block of property with exciting, planning-approved development opportunities in the vibrant and rapidly regenerating South Docks area,” a spokesperson said of today’s deal.

“We are looking forward to progressing our plans and providing high quality central Dublin office space for tenants at a time when such space is in short supply.”

Includes reporting by Jack Horgan-Jones.

Read: Sold! €90 million deal for two IFSC office blocks>

Read: And sold for €52 million! Another new Dublin Docklands building has a new owner>

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