Central Park fully let with Construction of Block H progressing well

Green REIT Plc, the Irish property investment company has confirmed that Central Park, Leopardstown, Dublin 18 is now fully let with the completion of two recent lettings totalling 55,300 square feet.

The construction of the new Block H is progressing well. Collen Construction (Featured in the current issue of Irish Building) commenced with the construction of the new office block in the Central Park Business Centre on the 27th of April this year with work scheduled for completion in December 2016.

Block H comprises approx. 147,000 square feet (13,700 square metres) of Grade A office accommodation over eight floors, and triple level basement.

Recent Lettings – Sage and Mastercard

·   Combined contracted annual rent of €1.527 million per annum to the JV, in which the Company is a 50 per cent investor

·    Rent per square foot of €25 achieved on both lettings

·   Sage Hibernia (Services) Limited has taken a 20 year lease of the remaining floors of Block G, being ground and first (45,200 square feet), with first break at the end of year seven and a rent free period of 14 months

·   MasterCard Ireland Limited, already a sub-tenant in the Vodafone building, has taken a lease of the penthouse floor of Block C (10,100 square feet) with a 3 year term

These lettings follow the announcement in May 2015 that Web Reservations International had entered a lease of the second floor of Block G, meaning that the 691,000 square feet business park is now fully let to a variety of high calibre businesses including Vodafone, Bank of America Merrill Lynch, Ulster Bank, Leaseplan, Tullow Oil plc and Salesforce. 

Ronan Webster, the Asset Management Director at Green Property REIT Ventures Limited said: “We are delighted to secure Sage and MasterCard as occupiers in Central Park, both of which are highly regarded and expanding businesses. Since acquiring the property in March 2014 we have now successfully secured lettings for all of the remaining space of 89,000 square feet at Central Park, concluding a successful leasing programme in conjunction with our agents, CBRE and Knight Frank. This should bode well for future lettings of Block H, construction of which is progressing well, given the shortage of high quality Grade A space in Dublin.”

Central Park was purchased in March 2014 by The Central Park Limited Partnership, a 50:50 joint venture between Green REIT plc and LVS II CP Investor Ltd, an entity sub-advised, advised or managed by Pacific Investment Management Company LLC or its affiliates.