IPUT plc announces that it has pre-let the entire of 10 Molesworth Street to leading Irish financial services group Allied Irish Banks plc (‘AIB’ plc). The 115,000 sq. ft. (10,680 sq. m.) landmark office building is located at the heart of Dublin’s commercial and government quarter and is due for completion in Q1 2018.
IPUT plc, Chief Executive, Niall Gaffney, commented:
We are delighted to welcome AIB plc to 10 Molesworth Street and to the IPUT portfolio. The completion of this major letting to AIB means we have now fully pre-let all of our development projects, bringing our total lettings for the year to date 2017 to 400,000 sq. ft, generating €16m in new rent for our shareholders in 2017. We designed 10 Molesworth Street to reach the highest possible standards of sustainability and it will be the first newly constructed office building in Ireland to achieve platinum accreditation through the LEED rating system. We take a long-term approach to investment and this strategy is reflected in the selective redevelopment of our properties. As is evident from the successful completion and leasing of 10 Molesworth Street, this form of investment both enhances the quality of our building stock and regenerates our rental income for the longer term.
The building, located on the corner of Molesworth Street and South Frederick Street, has been designed by leading Architects, Henry J Lyons to reflect the rich heritage of the surrounding area and will be finished using handmade Coleford Brick, Portland Stone and full height, floor-to-ceiling windows incorporating finely honed stone fins.
IPUT acquired the original building in March 2013 for €18m and received planning permission to redevelop the space in 2014. The full redevelopment of the site commenced in 2016 and has been managed by IPUT’s in house development team. With a final construction cost of €45m, this is the largest redevelopment project undertaken by IPUT. Upon
completion in early 2018 the building will deliver an income yield on cost for the fund of c.11% and a profit on cost of 129%.
Knight Frank and JLL handled the letting for IPUT plc; AIB plc was advised by Cushman & Wakefield.