IPUT plc announces it has pre-let the entire of One Wilton Park to LinkedIn, the world’s leading professional network and a subsidiary of the Microsoft Corporation.
One Wilton Park will be a Grade A office development of 150,000 sq. ft. (13,000 sq m) constructed on the site of the former Fitzwilton House which IPUT has owned since 1982. Construction commenced on site in June 2018 with Sisk appointed as the main contractor. The building is scheduled to be completed in the fourth quarter of 2020.
Later this year, IPUT intends submitting a planning application for the re-development of the remainder of its estate at Wilton Park which includes Wilton Park House and Gardner House, plus their associated public spaces. IPUT has already concluded an initial programme of improvements to the park itself which also comes within its ownership. Upon completion, IPUT’s estate in the area will total to 600,000 sq ft of office space and a range of local amenities.
Commenting, IPUT Chief Executive Officer, Niall Gaffney, said:
The pre-letting of One Wilton Park to LinkedIn is hugely significant for us and represents one of the largest pre-lets in the Dublin office market. One Wilton Park will deliver a projected income yield on cost of in excess of 9% and brings the total value of new leases signed over the last 12 months to over €20.5 million. This pre-letting is an important milestone in the delivery of the plans we have for Wilton Park and will support continued growth in the dividend we pay to our shareholders.